iBank, iRemit ink remittance service agreement

The International Exchange Bank (iBank) and iRemit Inc. recently entered into a Money Remittance Service Agreement for fast and safe money delivery to designated beneficiaries in the Philippines. iRemit Incorporated is a wholly-owned subsidiary of iVantage Corp. primarily engaged in servicing the money remittance needs of Filipino Overseas Contract Workers (FOCWs) to their loved ones in the Philippines.

iBank branches will serve as remittance payment centers to beneficiaries of iRemit nationwide. The remittance payments will be via iRemit checks encashable at any iBank’s branch, real-time credit to account and pick-up of remittance proceeds from any iBank branch within one hour from time of remittance abroad.

iRemit is the first internet-based remittance processing system for Philippine destined inward remittances. Unlike other local banks that developed their system in the early 90’s with a combination of dial-up, leased lines and electronic mailing. It utilizes the internet platform on a highly-secured environment to process its remittances backed by the expertise of its key officers and staff in the banking and FOCW remittance industry.