Money Transfer Business Is on the Rise — Time to Get Out
Richard Morris was quoted in American Banker on banks scaling back or exiting their international remittances business because of several factors, including regulatory scrutiny of anti-money-laundering rules and disruptive technology. A remittance is a money transfer by a foreign worker to an individual in his or her home country. "This is the type of business where technology will be very disruptive," Richard said. "Within a short period of time, I suspect the remittance market will be dramatically changed."