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Automatic Transfers and Bill Pay: Turning Customer Insights Into Innovation

August 22, 2019

Remittances are more than just financial transactions.

These cross-border transfers act as an economic lifeline for those receiving them, helping put food on the table, pay utility bills and cover other essential expenses. But for the sender, they can also cause anxiety. Supporting loved ones internationally adds a stressor, requiring immigrants to manage their household domestically while also assisting family members abroad.

At Pangea, we’ve made it our mission to help people move money effortlessly, starting with those who need it the most. Effortless money transfer requires keying into the obstacles and challenges that immigrants face when sending remittances. As our company vision has matured to focus more strongly on financial empowerment, customer feedback has driven our product development processes.

In recent conversations with our customers, similar themes arose. They worry about things like missing a payment, family members traveling long distances to pay bills and ensuring their funds are spent as intended. These shared concerns captured the attention of our team, spurring the development of two in-app features: Automatic Transfers, and Bill Pay.

Automatic Transfers

In the middle of the night, a woman wakes in a cold sweat. She jolts to a seated position in a panic. One question flashes in her brain: Did I remember to send money to my family today?

When we heard this story, we knew we needed to introduce payment scheduling. App data showing people logging in several times per month to send funds made this even more clear. Our new Automatic Transfers service, which is the only of its kind on the market, enables users to set up transfers in advance or on a recurring basis. The day before money is sent, senders receive an email confirmation with the transfer rate and an option to cancel.

More than simply a convenient feature, scheduling brings peace of mind to users by allowing them to “set and forget” payments. The app handles remittances automatically, letting users sleep soundly without worrying about missing payments that cover critical services for loved ones.

We are also rolling out a “save” component of this feature. For loyal and regular senders, we will offer discounts on scheduled transfers as a way to show appreciation for those who trust us with this important service.

Bill Pay

Remittance-induced stress also stems from unknowns on the receiving side. Family members receiving money are often forced to travel to different towns or wait in long lines to pay bills. On top of these inconveniences, senders have traditionally had no control over how money is spent. For instance, a relative could use a transfer intended to pay for school to cover less important costs. As part of our ongoing efforts to empower our customers, we are introducing a Bill Pay feature within the app.

People sending remittances work hard for their money and want to ensure it’s being received securely and used as intended. With Bill Pay, Pangea users can take care of family members’ important expenses directly within the app. Encompassing utilities, taxes, education costs and more, this service grants more control to senders while saving recipients time and effort.

Bill Pay is initially available in Mexico, Philippines, India, El Salvador, Guatemala, Honduras, and the Dominican Republicwith support for other high-traffic remittance corridors coming soon. The list of billers sits at just over 100 across all countries, and expansion to new companies is on the horizon.

Customer-Centric Evolution and Expansion

Moving forward, we will continue making updates, tweaks, and additions to the Pangea app based on customer feedback and trends in transfer data. Capabilities like bill notifications or automatic bill pay lie ahead, along with continuous updates to improve our customers’ experience. Additionally, Bill Pay, Automatic Transfers, and all components of Pangea’s mobile platform are available to Pangea Connect customers within their separately branded applications.

As we push forward in mobile remittances, we do so with our customers’ needs and preferences as a top priority. We believe innovation is more than flashy new features, and remittances mean more than an exchange of money. With each update, we aim to make our customers’ lives easier, improving their ability to manage finances domestically and abroad. Through user-focused solutions, we want to reduce immigrants’ remittance-related stress, helping them take care of family members easily, reliably and responsibly.

This content is general in nature and does not provide legal, financial, accounting or tax advice.  In addition to a transfer fee, which may be waived, Pangea makes money from currency exchange rates. Always compare both transfer fees and exchange rates.  Pangea USA, LLC, all rights reserved. All other logos, trademarks, service marks and trade names referenced in this material are the property of their respective owners.

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