Tern Commerce a leader in ‘Fintech-as-a-service’,has announced the roll-out of their same day cross-border remittance capabilities for TransferMex.
Tern’s end-to-end solution includes everything from a branded prepaid card and bilingual app to embedded KYC, AML, CIP, infrastructure, and analytics reporting.
TransferMex enables U.S. employers to instantly pay their seasonal workers via a free prepaid card. Additionally, it allows the workers to send the payments to family and friends in Mexico the same day funds are received. Funds can also be sent to bank accounts or cash pickup locations at rural locations throughout Mexico, all with embedded compliance safeguards.
U.S. employers would often hand physical checks to workers on the job site, costing both time and money. Now employers can simply issue a free card and pre-fund their workers’ payroll accounts. Additionally, this offering enables employers to abide by U.S. labor laws and also pay workers after they have left.
“TransferMex is a perfect model of how Tern can deliver speed-to-market solutions, and this program highlights our cross-border capabilities,” states Brion Bonkowski, founder and CEO of Tern. “Our relationship with TransferMex is impactful because we are helping both migrant workers and U.S. employers. We see at least 50% of funds are transferred to Mexico on workers’ payday. I believe this trend of offering prepaid cards with remittance capabilities will continue to drive exponential demand globally.”
Elisa Salinas, director at TransferMex, adds, “Working with the Tern team has made it easy. It truly is fintech-as-a-service. I approached them with the structure, and they got us into the market quickly.”
