Cross-border payments company has business users in crosshairs

Payments company Remitex was formed in Chile recently. The small exporting country provides fertile territory for the firm's services.

The firm offers a cross-border payments solution geared to local businesses, which can make local currency to local currency transfers to more than 70 countries.  

With the system the payor can make payments to one or multiple recipients via a single transaction. 

To find out more about the solution, which targets ventures of all sizes in the B2B and B2B2C spaces, BNamericas spoke with Ignacio del Pino, Remitex’s cross-border business manager. The company also operates in the remittances segment. 

In the regional fintech space, loan and payment startups tend to dominate in terms of number of ventures in the ecosystem.

BNamericas: Did Remitex have to overcome regulatory barriers during the launch process in Chile? And are you currently subject to local regulations?

Del Pino: Remitex Chile is registered in the registry of entities supervised by the financial analysis [anti-money laundering] unit UAF and which operate as a money transfer company, and it complies with all the regulations issued by that body.

Remitex Chile also uses partners in other jurisdictions, entities that are supervised in the countries in which they are incorporated.

BNamericas: What segments are you targeting?

Del Pino: We target the business segment with two different services: cross-border and API integration.

Cross-border is the international payments solution oriented to the corporate client who needs to make transfers to their suppliers, freelancers and subsidiaries, etc., that are based in other countries. Our goal is to carry out the operation within 24 hours through local bank transfers both at origin and destination.

Through API integration we offer infrastructure so that a company can integrate all our financial services into its business. A simple connection via API will allow you to provide liquidity to your clients or process international payments, operating in local currency in more than 70 countries.

BNamericas: How do Remitex services different from those in the rest of the market?

Del Pino: One main difference concerns local bank transfers at origin and destination. This point is very important since we connect local currencies of each country and provide availability of funds within 24 hours.

Also, there are no minimum amounts for transfers and our greatest strength is the possibility of making multiple and simultaneous payments in more than 70 countries. This means that with a single bank transfer at origin, we can complete X number of payments at destination. 

This results in a decrease in the operational load and costs, and this can be carried out with the personalized service we provide.

BNamericas: Is there a limit on transfer size?           

Del Pino: We don't have minimum or maximum amounts. The supporting documentation for each payment establishes the limits. The limits, use cases and destination countries are subject to the activity of the company, the type of operation to be carried out and the jurisdictions involved.

BNamericas: Can you talk about your goals for this year and next, and your plans for the medium-long term?

Del Pino: Remitex’s goal for the remainder of 2021 is to consolidate the local operation in Chile; in addition, to continue with the process of regional expansion.