Xoom is extending its new Pay Only When Received remittance procedure, or POWR, to Latin America and the Caribbean.
POWR, which was recently introduced in the Philippines, replaces an earlier process of withdrawing funds from the senders account before they reach the recipient. POWR instead waits until the recipient has the funds before they are removed from the sender's account. It is a companion to other Xoom technology that allows consumers to track the progress of remittances.
In an earlier interview, Julian King, Xoom's senior vice president of marketing and corporate development, says the company started POWR to provide its consumers with peace of mind and to build relationships that lead to repeat business.
Xoom, which positions itself as an alternative to Western Union, developed a risk engine that analyzes more than a decade of transaction data to counter any potential risks associated with waiting to obtain funds from the sender.