Smart offers new international remittance service

MANILA, Philippines -  International migrants will soon enjoy the benefits of sending cash directly to any Smart Money account in the Philippines through a remittance service that will connect mobile network operators, cash transfer operators and mobile wallets all over the world.

IDT Corp. has tapped the country’s leading wireless services provider, Smart Communications, to introduce the IDT International Remittance Clearing House (RCH) that will connect directly to Smart’s award-winning mobile commerce platform – Smart Money.

According to the World Bank, there are over 200 million migrants found in various parts of the world. Overseas Filipinos account for about six percent of this figure, with an estimated 11 million Filipinos residing outside the Philippines in nearly 200 countries and territories. In 2010, Filipinos remitted over $18.76 billion through official channels, Bangko Sentral ng Pilipinas data showed.

IDT’s RCH will utilize Smart Money as one of the cash-out options in the Philippines for fund transfers sent via IDT, virtually connecting the RCH to millions of Smart Money accountholders in the Philippines. Smart Money is the world’s first reloadable cash payment card linked to a mobile phone.

The RCH will enable international money remittance directly to electronic wallets. IDT Financial Services (IDTFS), a licensed bank headquartered in Gibraltar, Europe, will conduct all banking-related activities for the RCH, including transaction processing, foreign exchange management, fund settlement and regulatory compliance. 

“We are pleased to partner with IDT to give our countrymen and other migrant populations an accessible and affordable alternative to send money back home. This innovative service will make life easier for migrant and overseas workers in many countries,”” Smart wireless consumer division head Danilo Mojica said.

The RCH will enable traditional cash-based money transfer operators and mobile network operators to serve the remittance needs of migrant populations in many countries. It will also allow Smart Money to broaden its network of 95,000 overseas remittance partners’ locations to benefit over 8.5 million Smart Money account holders.

Smart has existing partnerships with the Philippines’ top banks and ATM consortia, collaborations with local and international remittance companies and access to millions of MasterCard establishments found all over the world.

“IDT’s RCH will enable remittance companies and mobile operators around the world, including Smart, to offer robust and secure mobile phone-based remittance services in a cost and time-efficient manner to serve the growing market of migrant workers worldwide,” Mojica added.