Cutting a bigger slice of the cake

Banks have been slow to act in the international remittance arena, but Philip McCarthy-Clarke says it’s not too late

Philip McCarthy-Clarke is head of innovations at Voca, the UK payments processor

During 2006 there was a growing awareness of the potential value of migrant worker custom and an increase in consumer demand for improved international remittance services. Coupled with international development and corporate social responsibility (CSR) imperatives, this has created renewed interest within the retail banking industry. Voca has been tracking the market closely for some time in the build up to the launch of its international remittance service. Over the next twelve months we expect the competition to heat up, with new entrants and innovative business models emerging. If banks want to capitalise on this opportunity, they need to get going. And get going fast.