By: 16 April 2024

The collaboration signifies the launch of a remittance solution facilitating transactions between the USA and the Dominican Republic

Transi chooses Velmie to launch revolutionary remittance app

Transi choosing Velmie marks a significant step. With remittance being a globally sought-after service, recent statistics indicate its immense popularity. According to the report by Research and Markets, the global remittance market, valued at $738bn in 2023, is expected to experience strong growth in the coming years. It is forecasted to achieve a Compound Annual Growth Rate (CAGR) of 5.78% until 2029, reaching a total of $1.031trn. Cross border payments were predicted to be a trend for this year, and it looks like this prediction is bearing fruit.

Additionally, the report by Statista projected the value of remittance transactions to continue growing and is expected to show an annual growth rate (CAGR 2024-2028) of 4.76%, emphasising the relevance and necessity of innovative remittance applications in today’s market.

Transi choosing Velmie as their partner marks a significant milestone in the mission to redefine remittance solutions, empowering individuals with efficient and affordable financial services. Both Velmie and Transi are committed to leveraging their expertise to create innovative solutions that address the evolving financial needs of customers in the USA and Latin America. 

The collaboration will focus on developing a remittance application with the digital banking technology by Velmie that brings scalable architecture, configurable back-office workflows, and an API ecosystem with direct access to the market-leading payment, KYC, and other service providers. It will require a seamless implementation of the key features including onboarding US users, customer agreements, digital bank account & card issuance, and more.

Ernesto Rizek, co-founder and chief executive officer at Transi, said: “We’re thrilled to collaborate with Velmie. Their extensive experience in developing US-based fintech solutions perfectly complements our vision for building a future-proof and efficient product. This partnership holds immense potential to make significant strides within the financial landscape,”

Carl-Johan Larsson, Senior Partnership Manager from Velmie, commented: “In a world where financial boundaries are increasingly becoming a thing of the past, our partnership with Transi is a testament to the transformative power of collaboration and innovation. By combining our expertise in fintech with Transi’s vision for a more inclusive financial ecosystem, we are not just launching a remittance app; we are setting a new standard for how financial services can and should be accessible to everyone, regardless of geographical location. This initiative marks the beginning of a new era in financial connectivity between the USA and the Dominican Republic, promising to deliver unprecedented value to its users, especially the underserved communities.”

Images: Transi, Velmie

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.