An innovative solution to streamline the international money transfer process is being launched today in Santo Domingo, Dominican Republic. The new service provides increased convenience, utility and safety to Dominicans who receive remittances from other countries.
Breaking away from traditional methods to send and receive money, Dominicans can now receive remittances from their family members in New York through the new Cashpin Visa Electron card provided by Banco Mercantil.
This way, the transfer is faster – since it is done online and received instantly – and is also safer – since the cash is not passed on from one person to another and the card may be cancelled and replaced in the event it is lost or stolen. In addition, the Cashpin Visa Electron card is reloadable and provides increased utility, since it may be used to make purchases at any merchant location where Visa Electron cards are accepted, or to withdraw funds at any ATM of the Visa/PLUS global network.
All of this has been made possible by the alliance of Banco Mercantil, Visa International, Latin America and Caribbean Region, Quisqueyana, and their Cashpin partners. These companies envisioned the opportunity to streamline the money transfer process. This vision, together with the application of advanced technologies, innovative concepts and exceptional customer service, are the result of this initiative.
“Banco Mercantil is very proud to be able to provide such expected product by the national banking system, a product that I am sure opens today a new chapter for commercial banking in the Dominican Republic,” said Andrés Aybar, President of Banco Mercantil.
Jonathan Sánchez-Jaimes, President of Visa International, Latin America and Caribbean Region, commented that “Visa continues to build its history of leadership and innovation in the payments system industry to make new business opportunities possible and penetrate new market segments.”
The process is quite simple and highly efficient. The sender simply sends the remittance at any Quisqueyana office in New York and the transfer is processed online. The recipient in the Dominican Republic receives the remittance at his or her home through the Cashpin Visa Electron card and activates it by calling Banco Mercantil. The process is even simpler for subsequent remittances, since the card is instantly reloaded when the sender remits the monies.
“This service is so simple and so convenient that, just as with faxes, cellular phones and e-mail, I can hear us in the very near future asking ourselves: How did we ever manage to live without this before? How come it was not implemented sooner?,” commented Ernesto Armenteros, Chairman of the ADM Council for Grupo Quisqueyana and Cashpin.
