Alviere, a leader in Embedded Finance solutions, has unveiled its latest offering: a cash-to-cash cross-border remittance service. This innovative feature empowers enterprise clients to let their customers send cash from the United States to over 100 countries worldwide, where recipients can collect their funds in cash.
The service is particularly impactful for regions like Mexico, Colombia, and other Latin American countries, where many recipients rely heavily on cash due to limited access to banking facilities. In addition to cash, Alviere’s platform supports bank transfers, card payments, and digital wallets, giving users a variety of remittance options.
Meeting the Needs of the Unbanked
Mastercard reports that over half of global remittances are sent to unbanked or underbanked individuals who rely on cash payouts. In 2022 alone, remittance flows to low- and middle-income countries reached a staggering $656 billion, according to the World Bank. These figures underscore the increasing demand for reliable cash-based solutions.
With Alviere’s platform, US-based customers can load cash into digital wallets at thousands of nationwide locations or use kiosk-based systems for seamless cash funding. Recipients abroad can collect their funds in cash at designated pickup locations, ensuring accessibility for communities where cash remains essential.
Enhancing Business Opportunities
This new service allows businesses, including retailers, to integrate remittance services into their operations—whether in-store or through apps. By offering cash-to-cash remittance, businesses can increase customer engagement and drive foot traffic, creating additional value for their clientele.
Simplified Integration for Enterprises
Alviere’s HIVE platform provides a turnkey solution for enterprises to implement remittance features effortlessly. This eliminates the need to manage multiple service providers or vendors, simplifying the process of offering financial services. The platform also ensures full regulatory compliance, including Know Your Customer (KYC) requirements, under Alviere’s licensure as a Money Services Business (MSB) in the United States and Puerto Rico.
The Vital Role of Cash
Alviere officials emphasized the enduring importance of cash in the global financial ecosystem, particularly for remittances. They noted that the company’s cash-to-cash solution strengthens customer connections while addressing the unique needs of cash-dependent communities worldwide.
“Cash plays a critical role in the lives of both remittance senders and recipients,” says Pedro Silva, Alviere co-founder and CEO. “Leveraging our money transmitter licenses, we’re proud to enable embedded, cash-to-cash remittances and facilitate a way for companies to create deeper relationships with their customers.”
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