International Remittance Market Sparking Interest from Big Banks

The international remittance market has become so lucrative and beneficial that large international banks are taking an interest in "taking back" a market that has gone to money transfer companies.

Big banks (especially those based in the United States) faces some challenges in the international remittance market because of the many post-911 restrictions imposed upon them by the U.S. government. Despite these challenges the banking industry is exploring opportunities because the remittance market is expected to "grow 10.1% through 2008."

As can be seen in this article on CNN Money.com, the barriers both real and perceived faced by immigrants to use money transfer technology are being broken down by younger generations acceptance of being "plugged into tech."

We at IPM are poised to guide banks, money transfer companies, merchants and end users through this dynamic time in the international remittance market.