BPD Bank New York, today announced that they are launching ServiCash, a new international remittance program.
ServiCash enables customers residing in the U.S. to send money out of the country securely, easily, and at lower fees.
Initially capitalizing on the huge market of Dominicans in the U.S., ServiCash streamlines the process of connecting any customer in the nation to any country within the ServiCash network - at highly competitive rates.
ServiCash provides point-to-point money transfers, applying leading-edge Internet-based payment technology through its partner PayQuik. Designed to meet the overwhelming demand for sending money abroad electronically, ServiCash aims to maximize remittance savings and realize a dramatic increase in the customer base of their parent company, BPD Bank. The launch of ServiCash is scheduled for May 23, before Mother's Day in the Dominican Republic, when the highest volume of remittances are sent. The program is available to anyone residing in the U.S., in English and in Spanish.
"ServiCash caters to the unique needs of our customers," said Luis Canela, BPD Bank's President and Chief Executive Officer. "We're excited to be offering a valuable service that customers actually need. People are sending money home regularly, and ServiCash allows them to hold on to more of their earnings, rather than spend it on unnecessarily high fees."
Annually, an estimated $100 billion a year (and growing) in money transfers is flowing across international borders, $2.7 billion to the Dominican Republic alone. Over 200 affiliate branches of Banco Popular Dominicano are operating throughout the DR - more than twice that of any other bank or remittance service in the country.
ServiCash is the first of many new services that BPD Bank will be launching this quarter.