back Back

TerraPay & VM Money Transfer Services to expand remittance market for Jamaicans

By Delisha Fernandes

April 30, 2024

  • Cross Border Remittances
  • Cross-border Transfers
  • Financial Inclusion
Share

TerraPay, Safaricom, M-pesa, Africa, Kenya, London, India, Nepal, Bangladesh, Pakistan, Southeast Asia, Cross border Payments, Mobile payments, Digital transactions, Banco Continental G&T, Payments, Cross border Payments, Remittances, MPI License, MAS, Monetary Authority of Singapore, APAC News, APAC Fintech, APAC Payments, Singapore Fintech News,

VM Money Transfer Services (VMTS) has entered a strategic partnership with TerraPay, a global money movement organization, to improve financial inclusion and expand remittance services to Jamaicans across the world.

VMTS facilitates money transfer services globally to customers sending money to Jamaica from Europe, the UK, United StatesCanada, the Cayman Islands and Turks and Caicos. With this new agreement, VMTS now gains access to TerraPay’s robust online platform, enabling hassle-free cross-border transfers for customers sending and receiving money across approximately 31 markets globally.

Michael Howard, CEO of VM Money Transfer Services Limited, said, “Purposeful partnership is an integral part of VM Money Transfer’s mission as we seek to continuously improve service delivery to our clients. We are excited about this recent collaboration as, with TerraPay’s extensive network, we have the opportunity to significantly broaden our reach and potentially tap into new markets, all while keeping our clients supported and empowered with convenient and secure channels for their money transfer needs.”

The agreement was signed between the two entities in March 2024. Juan Luis Hernandez, TerraPay’s Senior Regional Manager for Latin America and the Caribbean, said, “We are delighted to partner with VM Money Transfer Services to drive innovation and efficiency in cross-border remittances. Together, we aim to provide a superior remittance experience for Jamaicans worldwide, strengthening connections with their loved ones and contributing to the economic development of Jamaica.”

Along with the expanded service through TerraPay, VMTS customers can continue to enjoy the flexibility and convenience of having their funds deposited directly to their Jamaican bank account through VMTS’ Direct to Bank Service. Clients can also collect their remittances in Jamaica from VM Money Transfer’s over 70 sub-agents, 8 VM Money Express locations, and 16 VM Building Society branches Islandwide.

Previous Article

April 29, 2024

Thoma Bravo to acquire UK cybersecurity firm, Darktrace

Read More
Next Article

April 30, 2024

SUNRATE & YeePay to support Chinese companies to expand globally

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Cross Border Remittances

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

May 24, 2024

heymax & Visa team to simplify Credit Card rewards experience

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023