Latest news with #remittance
Bloomberg
a day ago
- Business
- Bloomberg
US Remittance Tax Will Hand More Power to Cartels
Hidden on page 1,054 of President Donald Trump's 'big, beautiful bill' is a threat to impose a 3.5% tax on all remittance transfers made by non-citizens to accounts outside the country. This is a dangerous, backward-looking provision, and will make Americans less safe without raising much revenue. It is easy to understand why a measure like this would appeal to the current administration. It makes migrants' lives harder, and that's enough for it to be worth passing into law. And it certainly will create difficulties for millions of legal and illegal immigrants in the US, as well as for their families outside. Mexico's president, Claudia Sheinbaum, has been a vocal opponent, saying — correctly — that this is unjustifiable double taxation.
Bloomberg
5 days ago
- Business
- Bloomberg
Payments Groups Want 3.5% Remittance Levy Killed From Tax Bill
A proposed 3.5% tax on remittance transfers should be killed because it invades consumer privacy and would encourage the use of unregulated money-movement services, payments-industry trade groups told US lawmakers. Even after a cut from an initial 5% proposal, the levy will still hit migrants sending money back to relatives on top of posing a greater money-laundering risk as they seek underground channels, according to a letter Wednesday to US Senators from the Electronic Transactions Association, Financial Technology Association, Innovative Payments Association and several other lobbying groups. The ETA represents the interests of large payments companies including Western Union Co. and Visa Inc. as well as newer financial-technology firms.
Finextra
26-05-2025
- Business
- Finextra
Careem Pay launches international money transfers to Jordan
Careem Pay, the digital payments platform within the Careem app, expands its remittance service to Jordan, allowing UAE residents to send money directly to bank accounts in Jordan quickly and at competitive rates. 0 Careem Pay facilitates money transfers to some of the largest remittance corridors in the world, including India, Pakistan, the UK, Europe, the Philippines, Lebanon, and Egypt, providing a quick and simple way to support families, manage finances, or contribute to investments abroad. The UAE is home to a large Jordanian expat population, making Jordan one of the top recipients of remittances from the UAE. In recent years, annual remittances from the UAE to Jordan have exceeded USD 1 billion. Mohammad El Saadi, VP of Careem Pay, commented: 'Sending money home is one of the most meaningful things our customers do with Careem Pay. For many Jordanian expats, it's about supporting loved ones, covering school fees, or helping parents with everyday expenses. We wanted to make that process simpler, faster, and more affordable.' The launch comes in time for Arafah Day and Eid Al Adha, when international money transfers from the UAE typically see a spike as people increase financial support to their families abroad for charitable purposes and Eid preparations. To celebrate the launch, first-time remittance users enjoy zero fees on their first two transfers to Jordan. Repeat customers can send up to AED 25,000 per transaction, with a fixed AED 10 fee on all transfers. Careem Plus members benefit from even greater savings, with zero fees on transfers above AED 1,500 and reduced fees on smaller amounts. Careem Pay's transfers to Jordan are completed within 24 hours on average, offering a speed that rivals traditional exchange houses. The service supports transfers in Jordanian Dinars directly via bank transfer to any valid IBAN. Careem Plus subscribers benefit from a wide range of exclusive perks across Careem services, including discounted rides, free delivery on food and groceries, and zero-fee remittance on eligible transfers. To send money to Jordan or any of the other available corridors, download the latest version of the Careem app and select 'Send Money' on the home screen.
Finextra
26-05-2025
- Business
- Finextra
Essential Security Features for a Reliable Money Transfer Platform: By Nikunj Gundaniya
Security is the foundation of a reliable money transfer platform. Customers trust you with their hard-earned money. They expect safe and seamless transactions through your platform. A single security breach can damage your reputation, which may result in financial losses and lead to compliance penalties. To protect your business and customers, you need strong security features. These features ensure safe transactions, prevent fraud and help you comply with regulations. Let's explore the most essential security measures for your cross-border remittance system must have in this blog. Let's get started. Key security features every money transfer platform must have A secure cross-border remittance platform protects transactions from cyber threats. Here are the key security features you must implement. 1. Multi-factor authentication (MFA) Passwords alone are not enough to stop hackers. MFA adds an extra layer of security by requiring multiple verification steps. Your customers must confirm their identity using OTPs, biometrics, or security tokens. This makes it harder for fraudsters to gain access, protecting your platform from unauthorized logins. 2. End-to-end encryption Every transaction and customer detail should be encrypted. End-to-end encryption ensures that sensitive data remains unreadable to hackers. Even if a breach occurs, encrypted data remains useless to attackers. Strong encryption standards keep your international remittance platform safe from cyber threats. 3. Regulatory compliance & anti-money laundering (AML) measures Regulations like KYC, AML, and CFT prevent money laundering and financial crimes. Your platform must verify customer identities, track transactions, and report suspicious activities. Compliance not only protects you from fines but also builds trust with banks and regulators. 4. Fraud detection and AI-powered risk monitoring Fraudsters constantly develop new techniques to bypass security. AI-powered risk monitoring detects unusual transaction patterns and blocks fraudulent activities in real-time. Advanced fraud detection minimizes chargebacks, prevents financial losses, and keeps your platform secure. 5. Secure API integrations Your platform connects with multiple financial systems through APIs. Weak API security can expose sensitive data to cybercriminals. You can use secure APIs with authentication protocols to ensure safe third-party integrations. This protects customer information and maintains transaction integrity. 6. Data protection and secure cloud storage Customer data must remain protected at all times. Secure cloud storage with role-based access ensures that only authorized users can view or modify information. Compliance with GDPR and other data protection laws adds another layer of security, preventing legal risks. Security is not just a protective measure; it also drives business success. Strong security builds trust and helps you stand out in the competitive remittance market. How strong security enhances business success Secure white label money transfer software does more than just prevent fraud. It gives you a competitive advantage and helps your business grow. Let's look at how security improves business outcomes. Builds customer trust and retention Customers want to feel safe when transferring money. A secure platform reassures them that their transactions and personal data are protected. Plus, when customers trust your platform, they return for future transactions. This boosts customer retention and increases revenue. Prevents financial and reputational losses A single security breach can result in financial losses and legal consequences. Cyberattacks and fraud can lead to stolen funds, regulatory fines, and loss of customers for you. A well-secured platform prevents these risks, which protects your business from financial and reputational damage. Ensures seamless cross-border transactions Security issues can slow down transactions, causing delays and failed payments. A strong cross-border remittance system ensures fast and smooth transactions without disruptions. Secure systems reduce fraud-related disputes, enhancing the customer experience. Strengthens regulatory compliance Global financial regulators enforce strict security measures to prevent illegal activities. A secure platform helps you comply with KYC, AML, and CFT regulations. Compliance builds trust with banking partners and allows you to expand your business without legal hurdles. Gives a competitive advantage Security can be a key differentiator in the remittance industry. Your customers prefer platforms that guarantee safety and transparency. Offering a highly secure international remittance platform helps you attract more customers and financial partners. Security Best Practices for Financial Businesses Strong security isn't just about features—it's also about habits. As a bank, fintech, or financial institution, following industry best practices helps you stay ahead of threats, maintain compliance, and build trust with customers. Here's what you should focus on: Conduct Regular Security Audits and Pen Tests Think of this as a health check for your tech. You wouldn't drive a car cross-country without checking the brakes, right? The same goes for your platform. Regular audits help uncover hidden gaps, and penetration tests simulate how a hacker might try to break in. It's better to find the cracks yourself—before someone else does. Train Your Team to Spot the Red Flags Most breaches don't start with a genius-level hack. They start with someone clicking the wrong email. That's why your team—yes, every department—needs to know what a phishing scam looks like or why using 'Password123' is a bad idea. A quick monthly refresher, a simulated attack, or even a Slack reminder can make a huge difference. Empower your people, and they'll protect your platform. Don't Just Plan for Breaches—Rehearse Them Here's the truth: even with the best tools, things can go sideways. What matters is how fast you respond when they do. Do your people know who's calling the shots in a breach? Who talks to customers? What systems get shut down first? Having a playbook is good. Practicing it—even just once—turns that playbook into muscle memory. Be Picky About Who You Trust with Access Every integration you add—whether it's for KYC, payments, or notifications—is a new door into your system. And not all doors are built the same. Vet your vendors like you're hiring someone to guard that vault we talked about earlier. Ask about their certifications, security policies, and how often they update. And once they're in, keep tabs. Trust, but verify. Conclusion Security is a crucial factor in building a reliable money transfer platform. Implementing strong security features protects customer transactions, prevents fraud, and ensures regulatory compliance in your cross-border remittance system. More importantly, a secure platform not only keeps your business safe but also strengthens customer trust and drives long-term growth. Investing in a well-secured white-label money transfer software positions your business for success. A secure remittance system enhances customer confidence, prevents risks, and helps you stay ahead of competitors. Last but not least, by implementing robust security features in your international remittance platform, you can stand out as a key differentiator in the remittance business.
Yahoo
26-05-2025
- Business
- Yahoo
Panda Remit partners with dLocal for African payments push
Remittance company Panda Remit has teamed up with cross-border payment platform dLocal to expand its payout capabilities within African markets. The alliance seeks to address challenges such as high transaction fees, delays, and accessibility issues. According to dLocal, the collaboration enables Panda Remit to provide recipients in 'critical' African geographies with 'more efficient' and quicker solutions. This move is said to support market expansion, while lowering transaction costs. Through this partnership, Panda Remit will provide access to various local and alternative payment methods, including bank transfers and mobile wallets such as M-Pesa, Orange, and Airtel, across markets in North, West, and East Africa The alliance is expected to result in faster money transfers, reduced costs, and improved security and flexibility for both senders and recipients. Panda Remit head of region Alfred Yang said: "Partnering with dLocal enables us to expand our presence across Africa, offering reliable payout options that meet the diverse needs of our users. At Panda Remit, it's crucial to simplify international cross-border remittances and provide an affordable, efficient way for users to send and receive funds." dLocal head of China Justin Goh stated: "Seamless remittances are a lifeline for millions in emerging markets, and enabling fast, cost-effective cross-border payments is at the core of what we do. By partnering with Panda Remit, we're driving their expansion of financial services across Africa, enabling faster, more secure fund transfers that not only benefit individuals but also strengthen the remittance landscape." Earlier in the month, dLocal expanded its partnership with PayPal, aiming to offer businesses improved payment processing capabilities in over 40 emerging markets. "Panda Remit partners with dLocal for African payments push " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
