WhatsApp-Based Remittance Solution Finds an Innovative Partnership to Revolutionize Money Transfers to Latin America

SAN FRANCISCO, CA / ACCESSWIRE / June 12, 2023 / Chat-based remittance technology provider Felix Pago and global payments solution provider Checkout.com have partnered to enable real-time remittances from the United States to Latin America.

To bring the benefits of Artificial Intelligence technology to consumer remittances, Felix Pago has developed a way for consumers to initiate transactions in WhatsApp, a Meta-owned chat service with broad adoption among Latino communities, that are funded via Checkout.com for fast cross-border transfers.

Manuel Godoy, co-founder and CEO at Felix Pago, explains, "We are on a mission to build the easiest, most reliable, and most convenient experience in the world for Latinos to send money abroad. Naturally, we need to leverage the best payment infrastructure available.

"Our partnership with Checkout.com makes it possible to offer a seamless payment experience at a cost that allows us to pass savings to the hard-working immigrants who make a tremendous effort to support their families but are poorly served by traditional providers and antiquated payment rails."

Commenting on the partnership, Zack Levine, Vice President and Head of Revenue for North America at Checkout.com, said, "We are delighted to partner with Felix Pago to deliver real-time remittances to more consumers in the U.S. We provide flexibility, scalability, and seamless integration, ensuring a secure and compliant experience that is both reliable and cost effective. The ability for loved ones to send money abroad can be a real game-changer for many who are trying to make ends meet. As these types of money transfers become increasingly vital, we take pride in offering a comprehensive solution at a time when people need it most."

During 2022, remittances from the U.S. to Latin America and the Caribbean had an annual growth of 9.3%, amounting to a record $142 billion, a new record according to The World Bank.

However, facilitating cross-border payments through traditional payment rails entails multi-day settlement times and complex correspondent banking relationships. The costs of these operations are passed on to consumers by way of high fees and poor exchange rates.

How does Felix Pago work to send money to Mexico?

To send money to Mexico from the United States, users must send a message to Felix Pago via WhatsApp. The chat-bot keeps track of who receives the money, the amount and if they want the beneficiary to receive the money in cash or in a bank account. After providing these details, the user submits the payment. Once the process is finished, the Felix bot sends a receipt with the details of the transaction. The user doesn't need to download an app and a transaction can take as little as 40 seconds.

This is possible thanks to the fact that the platform uses artificial intelligence and blockchain technologies to make the process fast and easy. "In the event that the person needs personalized attention, Felix Pago offers a friendly Spanish-speaking team to help customers when they need to talk to someone to answer any questions," Godoy added.

About Felix Pago

Felix Technologies Inc. is a financial technology company founded in 2020 by Manuel Godoy and Bernardo Garcia, two immigrants with the mission to offer the best experience in the world for Latinos in the U.S. to send money back home. Felix Pago is backed by leading venture investors including Global Founders Capital, Wollef, H20 Capital, and Switch VC and angel investors including Davis Smith, Mike Levinthal, and many others.

About Checkout.com

Checkout.com is a global payments solution provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, our modular payments platform is ideal for enterprise businesses looking to seamlessly integrate better payment solutions. With a global team spread across 19 offices worldwide, we offer innovative solutions that flex to your needs, valuable insights that help you get smart about your payments' performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. Find out more at www.checkout.com.

Contact Information:

Manuel Godoy
CEO
info@felixpago.com

SOURCE: Felix Pago