RemitOne has partnered with Volume to expand its open banking payment capabilities, marking a significant development in the cross-border remittance technology sector. The collaboration integrates Volume’s open banking infrastructure into RemitOne’s money transfer software platform, enabling more efficient payment processing for RemitOne’s client base of money service businesses and financial institutions.
The partnership comes as open banking adoption accelerates globally, with remittance providers seeking faster, more cost-effective alternatives to traditional card and bank transfer rails. RemitOne’s clients will now access Volume’s payment infrastructure to facilitate direct bank-to-bank transfers, potentially reducing transaction costs and settlement times for end users sending money across borders.
The move positions RemitOne to compete more aggressively in the digital remittance space where margins are under pressure and speed-to-market matters. Financial institutions using RemitOne’s software can now offer customers open banking payment options alongside existing methods, potentially improving conversion rates and customer retention.
FXnCO Insight
Remittance-focused fintech platforms and MSBs should evaluate open banking integration urgently as this infrastructure shift threatens to disadvantage providers relying solely on legacy payment rails.
Source: Finextra