Money transfer, remittances, and cross-border payments is about big business and big ideas. Industry leaders from across the country and around the world will converge at the 2018 International Money Transfer & Cross-Border Payments Conference (IMTC USA 2018), in San Francisco from June 27 to 29. Attendees can expect engaging discussions on industry innovations, trends, challenges and opportunities. Focusing on cross-border transfer and payments, the conference will offer numerous courses, seminars, sessions, and networking events.
IMTC events bring together researchers, consultants, politicians, regulators, activists and technology providers that offer industry solutions. IMTC hosts conferences around the world, including IMTC World and IMTC Asia later this year and events for Latin America, EMEA, Africa and more.
Last year, IMTC launched the RemTech Awards to showcase the most innovative and outstanding technological ideas designed to improve remittance services worldwide. The awards recognize and celebrate the ideas, systems, technologies, and creative possibilities that contribute to development, benefit the market ecosystem, and improve transparency, speed, cost and reliability for both the companies and the end-users that send and receive remittances every day. Trulioo is extremely proud to be a two-time winner of the RemTech Awards, winning in 2017 (Potential for Growth - Problem Solver category) and 2018 (Compliance Innovation category).
Trulioo will be participating at IMTC USA 2018 again this year. Last year, Nathan SooHoo, Corporate Development & Strategic Partnerships at Trulioo participated in two panel discussions. This year, Trulioo General Manager Zac Cohen will be on a panel discussing compliance innovation in the remittance industry:
RemTECH – The Remittance Innovation Awards
Innovators in the field discuss concepts, technologies and processes to improve remittance workflows, experiences and results. Practical steps on how the industry can reduce gaps in coverage, improve compliance procedures and ensure that technological implementations benefit the entire remittance ecosystem. Join moderator Hugo Cuevas-Mohr and panelists: Olivia Chow (Yokip Consulting), Zac Cohen (Trulioo), and Brahima Fofana (AFBIT) for this highly-anticipated panel.
Sending money back home is a driving force for many of the 200 million international migrant workers. According to a recent World Bank report, migrant workers currently send over USD $600 billion annually.
Know Your Customer (KYC) requirements – regulations that financial institutions (FIs) such as money transmitters must comply with – are of great significant in the remittance business. These laws, part of Anti-Money Laundering and Counter-Terrorist Funding (AML/CTF) initiatives, require that FIs verify customer identity. However, many people receiving funds simply don’t have proper identification. They may have never been issued an ID, or by becoming a refugee, their ID may have been lost or negated.
The opportunity for better money transfer processes to improve lives is substantial. People in areas where money is most needed will receive a higher percentage of funds. An extra four percent or more per transaction, adds up. And if you consider the overall picture, that’s an extra $24 billion worldwide in the hands of recipients. Greater speed and convenience are major improvements to the lives of remittance recipients.
For anyone in the industry, delivering on these opportunities is good business – improving the financial outlook for many people around the world, increasing revenues and setting up new markets for future developments. We encourage any industry player who wants to take advantage of the power of RegTech to efficiently scale their business, reduce costs and improve onboarding while ensuring compliance sit in on Zac’s panel at IMTC USA 2018.