Through this partnership, a novel remittance solution that makes transactions between the United States and the Dominican Republic easier has been launched. By promoting more financial accessibility and financial inclusion throughout the region, this project marks a significant advancement.

Remittances are a highly sought-after service worldwide, as evidenced by recent statistics. The global remittance market is predicted to develop rapidly in the upcoming years, reaching a valuation of USD 738.62 billion in 2023, according to a Research and Markets analysis. Up until 2029, it is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 5.78%, reaching a total estimated value of USD 1031.45 billion.

Furthermore, the Statista analysis predicted that the value of remittance transactions would increase further, with a projected annual growth rate (CAGR 2024–2028) of 4.76%. This highlights the significance and need for creative remittance applications in the current industry.

An important step toward our goal of reinventing remittance solutions and providing people with effective and reasonably priced financial services is this strategic relationship. In order to meet the changing financial needs of clients in the USA and Latin America, Velmie and Transi are dedicated to use their respective areas of expertise to provide creative solutions.

We're ecstatic to work with Velmie. Their wealth of knowledge in creating fintech solutions for the US market ideally matches our goal of creating a reliable and effective product for the future. This collaboration has enormous potential to change the financial scene, according to Transi's co-founder and CEO, Ernesto Rizek.

The partnership will concentrate on creating a remittance application using Velmie's digital banking technology, which offers scalable architecture, customizable back-office processes, and an API ecosystem with easy access to the top payment, KYC, and other service providers in the industry. The major features—US user onboarding, customer agreements, digital bank account and card issuance, menu navigation, money transfers, pricing considerations, and messages and notifications—must be implemented seamlessly.

Our relationship with Transi is a testament to the transformative potential of innovation and teamwork in a world where financial barriers are gradually disappearing. We are not merely releasing a remittance app; rather, by merging our fintech experience with Transi's goal of creating a more inclusive financial ecosystem, we are establishing a new benchmark for how financial services ought to be available to everyone, everywhere. With this project, financial connectivity between the United States and the Dominican Republic enters a new era. It promises to provide users—particularly the underprivileged communities—with never-before-seen value. -stated Carl-Johan Larsson, Velmie's Senior Partnership Manager.