The Remesas Reservas Story by UniTeller

Innovation in Payments and Remittances

Remesas Reservas is the international remittance service of Banco de Reservas, known as Banreservas, the largest bank in the Dominican Republic. It was created to serve the Dominican diaspora by providing a fast, secure way to send money home under the trusted Banreservas brand. The service is available to Dominicans living abroad – notably in the United States and Europe, enabling them to remit funds directly from their mobile phones without the need to visit physical agents. This focus is well-founded: the U.S. is by far the biggest source of remittances to the Dominican Republic, accounting for about 84.5% of all remittance inflows in 2023. By targeting Dominicans in the U.S., Remesas Reservas aims to capture this critical market of expatriates sending money to family and friends back home.

From Payout Partner to Digital Platform

Prior to 2024, Banreservas’ role in the remittance ecosystem was largely as a payout partner. Remesas Reservas, as an initiative of Banreservas, served as one of the trusted agents in the Dominican Republic, where beneficiaries could collect money sent by various remittance companies. In 2023, Banreservas partnered with UniTeller as a paying agent – remittances initiated through UniTeller’s network could be picked up in cash or deposited at Banreservas accounts.

While this partnership facilitated incoming remittances for Banreservas, the bank did not have its own digital service for originating money transfers. Remesas Reservas lacked a direct digital channel for originators, meaning Dominican-Americans sending money still had to use third-party remittance services. Banreservas saw an opportunity to serve their diaspora customers better and capture a new revenue stream by providing an in-house digital remittance solution.

In late 2023, Banreservas decided to expand from just a payout service into a full end-to-end remittance provider. They partnered with UniTeller to leverage its Remittance-as-a-Service technology. By February 2024, Remesas Reservas transitioned to UniTeller’s White Label Platform (WLP), enabling Banreservas to launch a branded mobile app and web service for digital remittances. This was a significant shift – instead of only paying out transfers initiated by MTOs, Banreservas via the Remesas Reservas app could now originate and process international money transfers under its own brand. The partnership with UniTeller was formally unveiled in New York in early 2024, where Banreservas introduced the Remesas Reservas app for the U.S. market in collaboration with UniTeller. Banreservas’ General Administrator, Samuel Pereyra, highlighted that this technological initiative is “another link in our commitment to financial inclusion and access to services for all Dominicans, regardless of where they are.”

By adopting UniTeller’s White Label solution, Remesas Reservas quickly evolved from a traditional payout partner into a digital remittance platform for its diaspora clientele.

This strategic evolution from a traditional payout role to a comprehensive digital remittance platform signifies Banreservas’ shift towards a more integrated and autonomous financial service. This transition not only broadens their capabilities but also enhances their engagement with a global Dominican community, leading into a detailed exploration of how Remesas Reservas is now better serving its diverse clientele across the United States.

Serving the Global Dominican Community: Remesas Reservas' Customer Base

Remesas Reservas caters primarily to Dominican immigrants and expatriates residing in the United States, focusing on major diaspora centers like New York, New Jersey, Massachusetts, Pennsylvania and Florida. Since adopting UniTeller’s digital solutions, Remesas Reservas has been able to enhance its offerings, allowing customers to send money conveniently through their mobile app. This service benefits users by providing flexible and secure transaction options, including the ability to send money directly to bank accounts or arrange for cash pick-up at over 300 Banreservas commercial offices throughout the Dominican Republic. The adoption of this digital platform reflects a significant shift from traditional methods to more integrated, user-friendly financial services, aiming to meet the evolving needs of their customer base effectively.

Challenges Banreservas Faced Before Going Digital

Before the launch of the WLP, Banreservas faced several pain points that are common for banks entering the digital remittance space:

Limited digital presence: Banreservas had no native digital service for sending remittances; users had to visit third-party money transmitters or physical agents. This lack of presence meant Banreservas was virtually absent from the growing digital remittance market. It also meant Dominican expats weren’t engaging directly with the Banreservas brand when sending money home.
Inconvenience for customers: The remittance industry has many fintech and digital-first players targeting the same users. Without a competitive digital offering, Banreservas risked losing relevance among senders. Senders chose services that deposited directly to other Dominican banks or cash pickup networks, thereby bypassing Banreservas entirely. This translated to lost business and lower visibility for Banreservas in the senders’ market.
Limited engagement and loyalty: Since Banreservas was only on the receiving end, it had minimal engagement with the senders themselves. The senders were customers of other remittance companies, not directly of Remesas Reservas. This limited their ability to build relationships, cross-sell other services, or foster loyalty among the people sending billions in remittances to the DR. They wanted to strengthen their connection with this customer segment by offering them a service directly.

Operations and regulatory hurdles: Building a digital remittance platform in-house required navigating complex U.S. money transmitter licensing, compliance, technology development, and establishing payout networks abroad. For a bank, this is a significant undertaking outside its core domestic operations. These hurdles had likely delayed Banreservas’ entry into digital remittances. They needed a solution that could overcome regulatory barriers and minimize development effort, while aligning with their business model.

Solution: UniTeller’s Customized WLP

To address the above challenges, Banreservas partnered with UniTeller to deploy a tailor-made digital remittance solution under the Remesas Reservas brand. UniTeller’s “Digital Link” White Label Platform provided a one-stop, end-to-end technology stack that could be branded and adapted for Banreservas’ needs. Here’s how the solution worked and was customized:

Turnkey digital remittance app:

UniTeller designed, developed, and implemented a fully functional mobile application (iOS and Android) and web portal for Remesas Reservas. This allowed Banreservas to launch its service without having to build the tech from scratch.The app design incorporated Banreservas’ branding and colors. All the heavy lifting, including transaction processing, security, and compliance, is powered by UniTeller behind the scenes. As UniTeller describes it, “your brand and your branding, powered by UniTeller,” with the partner providing the front-end and UniTeller providing the engine.

Compliance and licensing:

UniTeller is a licensed money transmitter across the U.S., covering all states. This meant Remesas Reservas could immediately operate in the U.S. under UniTeller’s regulatory umbrella, without needing to obtain individual state licenses. All AML and KYC measures were provided as part of the service, leveraging UniTeller’s “best-in-class compliance and licensing platform”.

Tailored to Banreservas’ network:

The solution was customized to integrate with Banreservas’ payout capabilities in the Dominican Republic. This ensured a seamless connection between the digital front-end and their existing domestic infrastructure. Funds sent through the app could be instantly available for pickup at over 300 Banreservas locations across the DR or credited to Banreservas accounts, leveraging the bank’s 1,500+ ATMs and sub-agent network for convenient withdrawals.

Custom user experience & language:

The app and website were delivered in Spanish and English to cater to the target users. UniTeller’s team worked closely with Banreservas to ensure the tone and experience fit their customer base. For example, the app uses Banreservas’ branding and messaging. This custom user experience helped drive user adoption upon launch.

UniTeller successfully delivered a comprehensive turnkey solution to Banreservas through our White Label Platform, enabling them to launch their international payment services swiftly and effectively.

“Banreservas has leveraged the power of our White Label solution to provide excellent international payment services.” said Fernando Gutiérrez, Head of Digital Innovation at UniTeller Financial Services. “This scalable and flexible solution allows Banreservas to expand Remesas Reservas’ operations seamlessly, accommodating growth in transaction volumes and service offerings without disruptions.”

“This scalable and flexible solution allows Banreservas to expand Remesas Reservas' operations seamlessly, accommodating growth in transaction volumes and service offerings without disruptions.”

Fernando Gutierrez

Key Features and Innovations of Remesas Reservas’ Digital Platform

The Remesas Reservas app, powered by UniTeller, introduced a rich set of features that deliver a seamless remittance experience for its users. Some of the key features include:

Multi-channel payout options: Senders can choose how their beneficiary in DR receives the funds. The app supports cash pickup or direct account credit into a Banreservas bank account. This flexibility is important – older recipients or those in rural areas may prefer cash pickup, while others enjoy the speed of an account deposit. In both cases, the money is usually available almost instantaneously. Additionally, remittances can be sent in either US dollars or Dominican pesos, giving senders control over receiving currency.
Multiple payment methods for senders: To fund a transfer, users in the U.S. have several convenient options. Remesas Reservas allows payment via bank account (ACH), debit card, or credit card. This is enabled by UniTeller’s integrations with U.S. payment systems. Having multiple payment methods ensures that the service is accessible to a broad user base. Fees are transparent and often very low; in fact, promotional pricing offers transfers with lower or even no fees.
User-friendly app experience: The Remesas Reservas app was designed for ease-of-use and convenience, especially for users who may be new to digital finance. The interface guides users through a simple step-by-step process to send money, and it’s backed by features that make repeat use a breeze. For instance, customers can securely log in with a biometric ID, ensuring quick access without compromising security. They can save their beneficiaries so that sending future remittances is faster – the “Quick Send” option lets them repeat a transfer to a saved recipient in just a few taps. The app also provides real-time transaction tracking and status notifications, so senders get updates on when their money is delivered. A history section allows users to review past transactions at any time. Collectively, these features enhance user engagement and encourage people to keep using the app instead of a competitor’s.
Security and trust: Given the financial nature of their services, Banreservas and UniTeller both prioritized security. The platform uses stringent security protocols, including multi-factor authentication, biometric login, and encryption of sensitive data. UniTeller’s fraud prevention systems monitor transactions to prevent illicit activity and offer a “zero fraud guarantee” to partners. Furthermore, because Banreservas is a well-known institution among Dominicans, users naturally trust the service. They know who is handling their money, and this trust factor gives Remesas Reservas a significant advantage over generic fintech apps.

Customer support and transparency: Understanding that many users might be first-time digital remittance senders, Remesas Reservas ensures strong customer support. Users have access to real human support via phone or email, which reaches UniTeller’s customer service. The app is transparent about fees and rates: before confirming a transfer, the user is shown a clear breakdown of the exchange rate, fees, and the exact amount the recipient will get. This level of transparency builds trust and sets correct expectations, which is important for Banreservas’ reputation.

Strategic Market Entry Plan

Launching a great app is only half the battle; customer adoption is the other half. Remesas Reservas, with UniTeller’s support, executed a multi-faceted go-to-market strategy that leveraged cross-channel marketing to drive awareness and adoption. Key elements of this strategy included:

Community-centric launch events: Banreservas introduced the app in person at events where the Dominican community was present. The New York launch at the BanReservas Real Estate Fair (Feria Inmobiliaria) was one such event. There, Banreservas representatives demonstrated the app, answered questions, and even helped attendees install and register on the spot. These corner store owners are influential in the community; by partnering with them, Banreservas aimed to spread the word about the app through trusted local voices. This grassroots approach helped seed the initial user base among people who might not be reached by digital ads alone.
Social media campaigns: Remesas Reservas was heavily promoted on Banreservas’ social media channels, targeting both the senders abroad and the receivers in the DR. The marketing team crafted an emotive campaign around sending “un cariñito” (a little caring gesture) back home. For example, Banreservas’ Instagram posts in mid-2024 featured relatable stories: “Fernando le envía un cariñito a su hermano… a través de nuestra App Remesas Reservas.” – showing a young man using the app to help his family. Another post read: “Ahora puedes enviarle ese cariñito a tu gente de una manera fácil, rápida y segura a través de nuestra nueva App Remesas Reservas.”, encouraging followers to download the app. By using culturally resonant messaging and highlighting real-life use cases, the campaign tapped into the emotions tied to remittances. Social media visuals showed the app interface and happy family members, making the value proposition clear in a glance.
Launch promotions and giveaways: To incentivize people to try Remesas Reservas, Banreservas rolled out promotions that doubled as customer acquisition tools. In June 2024, they announced “¡Tus remesas llegan premiadas!,” a slogan meaning “Your remittances arrive with prizes.” This promotion entered customers into a raffle for every remittance sent or received via Banreservas. Notably, the chances of winning were higher if the remittance was sent through the new Remesas Reservas app. The prizes were eye-catching – Banreservas gave away merchandise and cash, and even ran a grand prize raffle for a brand new car. Later in the year, during the holiday season, they upped the ante with a Christmas raffle themed “La magia de la Navidad empieza con Remesas Banreservas,” which means, “The magic of Christmas begins with Remesas Banreservas”. In this campaign, each remittance sent via the Remesas Reservas app gave the sender double the chances to win a 2025 Toyota Yaris Cross. This meant that if you used the app, you would double your odds in the prize drawing compared to other channels.

Results of the Adaptation and its Impacts

Remesas Reservas’ adoption of the UniTeller White Label Platform quickly yielded results, both qualitatively and quantitatively. Here are the main outcomes observed during the first year of launch:

NEW USERS

FEB - JUN 2024

Rapid user acquisition: Between February and June 2024, Remesas Reservas witnessed impressive growth in user acquisition, successfully onboarding over 7,500 new users over the span of five months. The platform peaked with more than 2,100 new sign-ups in March alone. This indicated a strong user adoption following promotional activities and the launch of enhanced digital services. This surge reflected the success of the marketing strategies and the initial enthusiasm generated by Remesas Reservas’ new digital capabilities. Although the number of new users tapered to 860+ by June, the overall growth trajectory highlighted a significant shift in how the Dominicans in the U.S. chose to conduct remittances, showing a clear preference for the convenience and security of digital transactions.

High early transaction volumes: The transaction volumes on Remesas Reservas mirrored the pattern of user growth but with a continued upward trajectory, showcasing increasing engagement among users. From a modest $32,000 in remittances processed in February, the transaction volume escalated to nearly $454,000 by June 2024. The cumulative amount during these initial months reached around $1.32 million, indicating not just a growing user base, but also a significant deepening of trust and reliance on the platform for remittance needs. This rise in transaction volumes suggested that users were not only registering but also actively using the platform to meet their remittance needs, often making multiple transactions, which highlights the effectiveness of the platform in meeting the needs of its users and providing a reliable and convenient service for the Dominican community in the U.S.

Mid-2024 adjustments – Quality over Quantity: After the initial surge of sign-ups (Feb–June), the rate of new users naturally began to taper in the second half of 2024. However, this was an expected phase of the product life cycle. Even as monthly new registrations slowed down, transaction volumes continued to grow. In other words, the users who had signed up were increasingly active as they were sending money more frequently or in larger amounts. This trend suggested growing trust and reliance on the platform. As a result, the total dollar value and number of remittances through Remesas Reservas kept rising through late 2024, even as customer acquisition declined.
Competitive positioning and brand strengthening: By the end of 2024, Remesas Reservas, with UniTeller’s support, had firmly established itself as a key player in the Dominican remittance corridor. Banreservas transformed its image among the diaspora from a passive payout provider to an active, tech-savvy service provider. Dominican senders now feel even more directly connected to “el Banco de los Dominicanos” (the Bank of Dominicans, as Banreservas is known) because now, Banreservas is with them at the point of sending money, not just on the receiving end.

Remesas Reservas’ journey demonstrates how a traditional financial institution can successfully upgrade its services through collaboration and innovation. By partnering with UniTeller, Banreservas converted its business model from a passive payout operation and simply a bank on the receiving side to a dynamic digital service that connects thousands of Dominicans across borders.

From UniTeller’s perspective, the Remesas Reservas project underscores the effectiveness of our Remittance-as-a-Service model, demonstrating how our customized, turnkey solutions can meet specific partner needs and scale swiftly for practical deployment. Our technology, compliance capabilities, and global infrastructure allowed Banreservas to rapidly launch and secure a competitive edge. Ultimately, the beneficiaries are the customers, who are Dominican families benefiting from more accessible, swift, and reliable financial support.