Xoom Mobilizes Remittance

by Mercator Advisory Group 0

Online money transfer company Xoom has added a mobile interface to its remittances platform. Mobile remittance capability has been expanding steadily from competitors like Western Union and m-Via. Through technology partner Usablenet, a firm specializing in optimizing websites for delivery on a huge range of mobile devices, Xoom is making its capabilities available across those devices and to channel partners who want to deliver alternative financial services to customers.

Xoom allows banks, credit unions, retailers and money transfer operators to build or expand their money transfer businesses without the complex logistical, technological and legal hurdles that accompany the operation of remittance businesses. It accomplishes this by establishing disbursement networks overseas, using web and mobile technology, and taking steps to ensure its operations are in compliance with the varied banking and anti-money-laundering rules and regulations of different nations.

The firm’s bank participants in Canada, for example, include HSBC, CIBC and Citigroup. Its partners in Brazil include Banco Itau, Banamex in Mexico and BDO, BPI and PNB in the Philippines. Xoom was founded in 2011 in San Francisco, and is backed by Sequoia Capital, New Enterprise Associates and Fidelity Ventures.

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