Transfast, an international remitter, is launching a money transfer service in Mexico to allow recipients to collect funds in a bank account within minutes.
The service connects senders in the Americas, Europe and Asia to consumers with bank accounts at BBVA Bancomer and Bansefi. Users can send money online or in-person at agent locations.
"Together with our new, rapid-transfer, bank partners in Mexico, Transfast continues to build on our industry-leading investment across global markets," said Samish Kumar, CEO of Transfast, in a press release.
To promote the new rapid account deposit service, Transfast is temporarily waiving the transaction fee for online, account-to-account transfers to Mexico.
Transfast launched in 2009 in the Philippines. The company has a network of more than 200,000 payment points across more than 100 countries. It currently handles about one million transactions per month.
The remittance industry has been turbulent recently, as banks drop partners and close corridors because of intense regulatory scrutiny. While Wells Fargo continues to expand its reach, the industry is ripe for startups, especially those that focus on digital and mobile payments.