Unlocking the cross-border popportunity: How ReadyRemit by Brightwell helps financial institutions capture remittance revenue
Global remittances are accelerating at a record pace, and U.S. financial institutions are well-positioned to benefit. Each year, billions of dollars are sent from the United States to friends and family abroad. But instead of using the banking platforms they already trust, many consumers turn to third-party apps and services to complete these transactions.
This shift represents a clear missed opportunity. Banks, credit unions, and fintechs are not only losing revenue, but they are also losing visibility and engagement.
In a recent webinar, “Unlocking P2P Remittances with Visa Direct and Brightwell,” the session explored how financial institutions can close this gap using ReadyRemit by Brightwell, a white-label solution that allows customers to send international payments directly from their digital banking experience. With ReadyRemit, institutions can offer a fast, secure, and fully branded remittance service without building a program from the ground up.
Demand Is Rising, and Financial Institutions Are Losing Ground
In 2022, the United States was the top remittance-sending country globally, with outflows totaling $79.15 billion¹. This substantial figure underscores the significant volume of funds being sent internationally by U.S. consumers.
Notably, many of these transactions are funded using cards issued by traditional financial institutions. However, the actual remittance transactions often occur outside the financial institution’s ecosystem, facilitated by third-party providers. This means that while banks and credit unions issue payment instruments, they miss out on the transaction fees and the opportunity to deepen account holder relationships through additional services.
“Your customers are already sending money internationally,” said Hal Ramakers, Senior Vice President of Global Solutions at Brightwell. “They’re doing it regularly and they’re doing it without you. That’s not just a missed opportunity—it’s an open door for competitors.” ²
This insight highlights an increasing disconnect between where trust resides and where functionality exists. Consumers still rely on their banks and credit unions for security, but when it comes to ease of use and global reach, they look elsewhere. In a digital-first world where speed and convenience are non-negotiable, this gap creates real vulnerability.
Visa’s consumer research reveals that 23% of U.S. adults have sent money internationally, and of those, 65% plan to send money abroad during the holiday season³. These are not one-time needs; they are part of everyday financial behavior. Institutions that don’t offer remittance services risk losing customer engagement month after month.
Financial institutions have an opportunity not only to protect existing relationships but also to grow wallet share. By offering fast, seamless international payments, banks and credit unions can drive stronger engagement, unlock new revenue, and deliver on the expectations of a globally connected customer base.
ReadyRemit Delivers a Faster Path to Global Payments
ReadyRemit gives financial institutions a new way to compete. It is a purpose-built, branded solution that allows banks, credit unions, and fintechs to launch a compliant international payments service quickly and without significant internal development.
With global connectivity, ReadyRemit enables customers to send money to more than 195 countries in over 160 currencies, with near real-time payments available where supported. Delivery methods include push to card, bank account deposit, mobile wallet, or cash pickup, giving users flexibility and speed.
Perhaps most importantly, ReadyRemit assists with the regulatory burden that often deters institutions from entering the cross-border space. Through its partnership with The Bancorp Bank, N.A., ReadyRemit includes built-in compliance including real-time sanctions screening, BSA and AML monitoring, and fraud detection. Institutions don’t need to become licensed money transmitters in global money movement.
“This isn’t about replacing your core systems or building a new business line from scratch,” said Ramakers during the webinar. “It’s about giving you a low-lift, high-impact way to meet the needs of your customers and bring cross-border revenue back into your institution.” ²
For financial institutions using the Q2 digital banking platform, ReadyRemit can be launched with minimal effort through the Q2 Marketplace. Most institutions can go live in 90 days or less. Brightwell supports the full process, including testing, configuration, marketing strategy, and post-launch optimization.
In today’s digital environment, account holders expect embedded financial tools to work quickly and intuitively. With ReadyRemit, financial institutions can meet that expectation without adding complexity or compliance risk. It’s a modern solution for a modern audience, helping deepen account holder loyalty and drive new revenue opportunities.
Want to learn more? Let’s Chat.
Sources
1International Remittances Data — World Migration Report 2024, International Organization for Migration https://worldmigrationreport.iom.int/what-we-do/world-migration-report-2024-chapter-2/international-remittances
2Quotes from Hal Ramakers — Brightwell and Visa Webinar: Unlocking P2P Remittances https://globalclient.visa.com/visa-direct-and-brightwell Visa
3Consumer Research on Cross-Border Payments (2023) https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.18656.html
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).
Brightwell is a technology provider and not a bank or other regulated financial institution. All regulated international transfer services associated with ReadyRemit® are provided by The Bancorp Bank N.A. Terms and conditions apply.
