Source: Xoom Corporation
Xoom Corporation announced a partnership with New Jersey-based Indus American Bank.
This partnership allows Indus to offer remittances to India through Xoom's money transfer engine and disbursement network.
"With our newly expanded India disbursement network, we provide Indus with remittance services that compete with those of national banks," says Gene Gutierrez, Xoom's SVP of Business Development.
By taking care of the compliance, technology and distribution issues that make remittances so complex, Xoom positions community banks to compete with national players when it comes to acquiring and cross-selling to immigrant customers.
Plug-and-Play Remittance Product
With this venture, Indus plugs into Xoom's India disbursement network, which includes pickup, direct deposit to any bank account and home delivery. Indus rolls out their remittance service with over 2,000 pickup locations throughout India.
Xoom was able to get Indus up and running with a remittance service in just three months.
Serving the needs of Indian-Americans
Indus American Bank was formed to serve the specific needs of South Asian immigrants in the US, and being able to send money home is one of those key needs. Their mission is to provide quality service targeted toward the South Asian community residing in the tri-state area, according to Kevin M. Lenihan, Indus's President and CEO.
Remittances reach $232 billion
The remittance market is booming and India is a large and important part of that market. Officially recorded remittances worldwide exceeded $232 billion in 2005. India was the top recipient country of recorded remittances in 2004, with $21.7 billion. The United States was the largest source of remittances in 2004, with $39 billion. (Source: World Bank).