Retail and wholesale communications provider
IDT Corporation has established an international remittance
clearing house (RCH) for mobile network operators.
The RCH will facilitate connectivity between
traditional, cash-based, money transfer operators and mobile
wallets by utilising IDT’s transaction settlement and foreign
currency services.
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The service aims to enabled mobile network
operators expand their reach among unbanked immigrant populations
is developed countries.
“Our remittance clearinghouse enables mobile
network operators to economically access the traditional
international remittance flows and expand the reach of their mobile
wallet infrastructures,” said David Weiss, EVP for global banking
and network products for IDT.
IDT will launch RCH services with wireless
carriers Smart Communications and Globe Telecom in the
Philippines.
IDT Financial Services (IDTFS), a licensed
bank headquartered in Gibraltar, will conduct all banking related
activities for the RCH including transaction processing, foreign
exchange management and settlement of funds within the
ecosystem.
