The international remittances company, Tempo France and the Spanish company Elsa Care Technologies (Elsa.care) have launched money transfers to the Philippines.
Clients are now able “to send money through the Elsa.care’s app to the recipients’ bank accounts in this country.”
The integrator of the technical platforms of the companies is Cyprus-based Armenotech. The fintech company “acts as Tempo’s strategic partner in technological projects.” Its major specialization is state-of-the-art solutions “for payment processing, integrated into Stellar blockchain.”
The application of these solutions in the project between Tempo and Elsa.care “has put remittances to the highest technical level, as it ensures maximum reliability, speed, and transparency.” In addition, an important advantage is “the lower cost of the transfers.”
Tempo France CEO Alla Zhedik said:
“The Philippines is a special segment of the remittances market in Southeast Asia and the Pacific. Its volumes exceed $30 billion today. According to our calculations, this segment will grow at a rate of 7 to 10 percent annually.”
She attributes this high growth “to an increase in the number of migrants from the country in the EU.”
As noted in the update:
“People should be able to send money to their loved ones, fully relying on transparency, reliability, high security, and ease of payment. In this case, Tempo France, given the license of Banque de France, fully complies with such requirements.”
The joint project with Elsa.care is “a good demonstration of the achievement of the set goals. It adds another degree of convenience to the service since funds can be sent through the application,” Zhedik added.
Zhedik also mentioned
“Commercially, the partnership with Elsa.care gives us the opportunity to use our technological capabilities to open a new sales channel.”
She further noted that Tempo France “remains very active in the remittance corridor of the Philippines.”
The CBO for Armenotech, Daniel Gazaryan said that “the technical advantages of solutions based on the Stellar platform can be realized in other projects in the Philippines.”
Gazaryan commented:
“With our strategic partner Tempo France, we are considering the possibility of introducing the most modern b2b payment solutions in this country and the region in general.”
Alla Dzhedik, for her part, noted “that although the volume of the corridor to the Philippines will grow, competition would also be increasing.”
As mentioned in the announcement:
“But the active implementation of Stellar technology shows customers the benefits of high-tech solutions and is a certain advantage.”
She pointed out that the system “has actively been using more than 100 modern payment methods in 100 countries of the world.”