Miami. – According to the World Bank: “Remittances represent an essential source of income for families in low- and middle-income countries. They reduce poverty, improve nutritional outcomes and increase the number of children from disadvantaged families.” are associated with higher birth weight and higher school enrollment rates.
In Latin America and the Caribbean, an increase in remittances of about 9.3% is projected to close by 2022, reaching close to $142,000 million. The increase in 2021 exceeded 25 percentage points. Data for the first nine months of 2022 show increases of 45% for Nicaragua, 20% for Guatemala, 15% for Mexico and 9% for Colombia.
In the midst of this scenario, RIA Money Transfer and DIARIO LAS AMERICAS have established an alliance and are promoting a collaboration initiative that provides readers with tools and a secure platform from the comfort of the newspaper’s website. Marcelo Castillo, RIA Money Transfer’s South America Managing Director for the South American region, explained the challenges and expectations behind the joint decision.
With a global network of 507,000 points in over 180 countries, Ria Money Transfer, a subsidiary of Euronet Worldwide, Inc., has experienced steady growth since its inception in 1987. How did the idea for this alliance with Diario Las Americas come about? Why choose to collaborate with a media outlet?
There are 286 million migrants in the world. Given the large community of Latin American and Caribbean expatriates in Florida, Ria and Diario Las Américas saw a clear opportunity to partner to offer Ria’s digital service to the newspaper’s readers from its website.
This service allows readers to initiate their mailing shipments while enjoying the content of your newsletter online. Shipping is done 100% online with a variety of payment methods for the sender and the recipient in the destination country.
People are increasingly looking for more convenience in their favorite digital channels and these two services complement each other very well.
Readers of Diario las Américas rely on the objectivity of the medium that is already 70 years old, as a reliable source of information. What are Riya’s premises with respect to the safety and security of information and transactions?
Ria has provided money remittance services for over 30 years and thanks to this long history, we have sophisticated security systems in place to prevent money laundering, terrorist financing and fraudulent operations. Sending money and cross-border transactions not only require impeccable data management, it is also necessary to consider and know how to manage the interoperability of different computer systems of countries, different affiliates, and manage operations. Have the ability to adapt. For different regulatory elements of each country.
The main purpose of the technical equipment we use is the convenience of the customer and the speed and security of the service we provide. The use of technology helps us ensure the services offered to the customer and is presented as a guarantee that helps prevent crime and financial fraud. Our customers will always have the possibility to communicate with one of our specialist associates in customer service by phone or from our website. We have multiple contact centers around the world which allow us to serve our customers 24-7 and in their language.
What are your expectations from this initiative?
To reach all readers of DIARIO LAS AMÉRICAS, to be able to convey to them the advantages of our service, speed, security and economy, and to prepare them to use it.
What is Riya’s biggest strength in the remittance market?
Our coverage in over 180 countries and over 500,000 points is undoubtedly our biggest competitive advantage. Riya offers customers the convenience of sending money directly to a bank account, to an electronic wallet or to pick up cash for their families over the counter at any one of our thousands of locations.
Remittances were traditionally paid in cash in the destination country. However, thanks to the fact that Ria has developed the widest account deposit network in the world, today we can reach 3.7 billion accounts and 439 million electronic wallets. Thanks to this, we have seen a huge change in the market as every day more remittance customers see the convenience of sending money directly to a bank account or electronic wallet. It also provides more security to their relatives as they avoid carrying more cash than they actually need in a day. Likewise, since they are 100% electronic transactions, most of them are paid in real time and there are no additional costs for subsequent withdrawals.
Is Latin America a receiving region? In which countries is Riya present?
Yes, Latin America and the Caribbean are mainly recipients of remittances as a large number of people have migrated from those countries in search of a better future. These people send money every month to their families who live in their country of origin and are largely dependent on them for their livelihood. We have service in Mexico, Colombia, Dominican Republic, El Salvador, Guatemala, Honduras, Ecuador, Nicaragua and 15 more countries in Latin America and the Caribbean.