Global money transfer company Xoom is launching Pay Only When Received (POWR), a model through which the company does not withdraw money from a sender's bank account until the funds reach the recipient.
The San Francisco-based Xoom, which did not immediately return requests for comment on the program, will commence POWR with qualifying Filipino remitters who send funds from a bank account.
POWR is a follow-up to StatusTrak, a recently developed product that allows people to track their transfer via text messages, email updates and phone support.
"When our customers send money, they want the peace of mind of knowing that their loved ones have safely received it," said Julian King, senior vice president of marketing and corporate development for Xoom, in a press release. "Both POWR and StatusTrak provide very reassuring money transfer experiences with Xoom."
Xoom, which sent more than $3.2 billion from 750,000 customers in 2012, allows banks, credit unions, retailers and money transfer operators to build or expand their businesses by establishing disbursement networks overseas, using online and mobile technology.
The company was founded in 2011, and has attracted Citigroup, HSBC and CIBC as participants. Xoom competes with companies such as Boom (formerly m-Via) and Western Union.