Tern Launches Cross-Border Cash Pickup Options for Foreign Worker Card Program
June 30, 2023 (PRLEAP.COM) Business NewsLeading Banking-as-a-Service (BaaS) provider Tern announced the launch of a cash pickup feature for cardholders remitting funds to Latin America through its partnership with UniTeller, one of the world's largest cross-border payment providers.
TransferMex, a Texas-based fintech company that provides U.S. employers with prepaid cards to pay migrant workers, is the first company to offer the feature using Tern's platform. The TransferMex app uses Tern's "No Code" framework to manage cardholders and employers.
This new feature allows TransferMex cardholders to send cash to friends and family by selecting one of more than 10,000 cash pickup locations across Mexico using the TransferMex app. The vast network of pickup locations provides a simple and efficient process to access funds within seconds of transmission.
Supporting and expanding customer remittance capabilities has been an important focus for Tern CEO Brion Bonkowski. "We are thrilled to launch cash-pickup functionality with UniTeller," said Bonkowski. "This is an important step forward in our commitment to offering our partners the most innovative banking solutions, especially for cross-border payments."
The new cash pickup feature is expected to significantly increase cross-border volume for TransferMex due to the ease with which cardholders can now send cash internationally.
"We are excited to offer this service," said TransferMex General Manager Diana Cruz Vera. "It allows us to provide a more convenient and efficient way for customers to send cash home to friends and family that don't necessarily have bank accounts."
"We are proud to partner with Tern in bringing this convenient and efficient service between senders and their beneficiaries in Mexico," said Fernando Gutierrez, head of digital business and innovation at UniTeller. CEO Alberto Guerra added that UniTeller is "committed to providing high quality payment solutions to our customers, and this partnership with Tern is a testament to that commitment."
"This is only the beginning, and we are moving very fast," said Bonkwoski. "Reliable remittance and cash pickup between the US and Mexico is an important first step, but now Tern also has the capability to provide remittance and cash pickup for almost every country in Latin America. Later this year, we will be able to support remittance cash pickup in most countries throughout the world."
On August 15, 2023, Tern will be hosting a live public demo in Atlanta to showcase their on-demand BaaS platform and highlighting UniTeller as a key partner.
About Tern: Tern is a leading BaaS provider, offering a suite of innovative solutions that empower its partners to deliver superior financial services. https://ternitup.com
About UniTeller: Headquartered in Austin, Texas, UniTeller is one of the largest cross-border payment service providers in the world, , offering a vast network of cash pickup, bank account-related, and mobile wallet services in more than 85 countries. https://uniteller.com/
About TransferMex: TransferMex partners with employers throughout the United States to allow their seasonal workers to easily get paid and send money to their families in Mexico. https://transfermex.com