Sending Money
The SENDING MONEY podcast series presents the history of the cross-border payments industry since the shift from informal methods of migrants sending money home to the use by money transfer providers of EFTs -Electronic Funds Transfers. The podcast series is taken from the book duology available in Amazon,
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Episodes
Sunday Nov 12, 2023
Sunday Nov 12, 2023
Episode 4 discusses the fundamentals of international money transfers, building from Personal Transfers and remittances - P2P - Person to Person, to the transfers involving businesses, P2B, B2P and B2B. We saw how technology and migration impacted the development of the industry; now I will explain how the information of the payment to be made across the world and the value of the transfer, goes from origin to destination, from sender to beneficiary. Sending money internationally may sound easy but a very complex system has been built to achieve cross-border transfers and payments in an efficient, fast and secured way and as cheap as possible. I will guide you through the details of the channels, the market participants and the challenges the industry faces to serve their clients.
Wednesday Nov 08, 2023
Wednesday Nov 08, 2023
Episode 3 discusses migration as the catalyst for the development of the remittance industry. Besides technology providing the tools as we saw in Episode 2, migration provided the customers, the two most important components of remittances and the development of cross-border payments. Wendell Samuel wrote this in 1990 when studies of remittances were just beginning: The issue of remittances arises only because there has been a prior decision to migrate, therefore, the analysis of remittances cannot be separated from the analysis of the factors that motivate migration. The increased migration from developing countries and the need to send money back to their families in their countries of origin have been the driving force behind all the ventures created to serve them.
Monday Nov 06, 2023
Monday Nov 06, 2023
In episode 2 we will explore the impact of technology in cross-border financial services and how inventions, mainly in communications, have created the payments revolution that we are witnessing. EFTs or Electronic Funds Transfers, were initiated with Telex, then came the Fax, then internet, and so on. Technology evolution built the cross-border payment industry.
Wednesday Nov 01, 2023
Wednesday Nov 01, 2023
This introduction is for us to get acquainted. I want you to know what are we up to as we embark on this series about money transfers, from the early days of family remittances to the fintech revolution, 40 years of a constantly challenging the financial services industry. I want to tell you how the explosive growth of this industry came about!
SENDING MONEY
Forex, Remittances, Migration and The Fintech Revolution
The Evolution of the Cross-Border Financial Services Industry.
Let me take you, from the early days of family remittances, to the fintech revolution!
This is the history of forty years of constantly challenging the financial services industry to bring innovation, speed, efficiency, lower costs and better services to millions of people and businesses worldwide. I want to tell you how the explosive growth of this industry came about, presenting the history of the cross-border payments industry since the shift from informal methods of migrants sending money home to the use by money transfer providers of EFTs -Electronic Funds Transfers.
Technology initiated the first step toward digitization with the Telex and then the Fax, before the internet made its appearance. The use of technology created many opportunities and the explosive growth of an industry with the corresponding challenges to banks, governments, and regulators.