The number of immigrants living in the sending countries, that are the source of the funds sent home, are continuing to grow rapidly including in the United States, Canada, the European Union, and Saudi Arabia. Much of US retail banking growth is expected to come from the immigrant market segment. After over two decades of steady migration and assimilation immigrants are becoming more established in these countries and retail banks have recognized the opportunity to serve these customers and are aggressively looking for cash management products to cater to the needs of this growing community. The number of transactions that immigrants remit to their home country is also growing at a rate of about 8% per year.

By most estimates the world wide remittance market is well over $250 billon a year and the average payment is usually a few hundred dollars. The United States alone is the source of about 40% of the total world wide remittance volume. The fees associated with these small dollar payments is estimated to be over $25 billion a year representing a substantial incentive for financial companies to create the payment products necessary to participate in processing these payments. Currently banks are involved in originating only a very small percent of these transactions.

Pay Lynxs can help financial institutions take advantage of this enormous market by creating the remittance products to attract retail deposits and capture a share of the international money transfer market. Our solutions are all white label products and allow a bank to create a retail and/or wholesale cash management product by building on top of their existing international funds transfer system. Our solution leverages the network of correspondent banks that are already in place to deliver electronic deposits, cash pick up, or electronic bill pay. Our products can be in-house or hosted Web based tools to help your organization create the remittance product that will be most successful for your clients. We provide the technology and operational support necessary to make the product offering successful and to eliminate the need for a massive expansion of your operating infrastructure.