In today’s digital economy, remittances are sent at the speed of now.
Each day—or rather, every second of each day—paying agents help ensure remittances reach the individuals and businesses that need them most.
And yet, while paying agents play an integral role in cross-border payments, they don’t get the recognition they truly deserve.
We’re aiming to fix that with today’s article: we’ll define how paying agents work, identify how they transform global communities, and reveal how UniTeller supports them every step of the way.
Understanding Paying Agents
Thanks to modern innovation, money can now be sent practically anywhere around the world.
Within the industry, these payments are known as remittance services—or more formally, “cross-border payments.”
Not long ago, money sent overseas was literally shipped by boat (or if you were lucky, by air).
Today, that process has been seamlessly consolidated to smartphones and computers, where a few quick clicks can send money almost anywhere.
While the process seems easy to consumers—as it should—it requires careful organization behind the scenes.
There are three core tenets of a typical cross-border transaction:
- Origination: when a customer wants to send money to family and friends overseas, the transaction originates at a bank, neo-bank, fintech, or MTO (money transfer operator).
- Processing: the customer’s transaction is then screened, approved, and facilitated by an official payment processor which features a global network and specializes in both foreign exchange (FX) trading and anti-money laundering (AML) compliance.
- Delivery: after being processed, the remittance is immediately directed to a paying institution. This is where paying agents enter the picture and execute the final component of the cross-border transaction: paying out the remittance on the receiver’s side.
In other words, the paying agent officially delivers the payment to the recipient individual, business, or financial institution.
The payment can be via cash payout, bank account credit, mobile wallet, or in some countries, home delivery.
Ultimately, paying agents provide the convenience and accessibility that local communities depend on.
Impact on Communities
It’s no secret that remittance services have radically changed our world.
In fact, it would be difficult to exaggerate just how much the global remittance industry has strengthened the global community.
If you’ve read any of our recent articles, you know we love to discuss the many ways in which remittance services have transformed the international economy.
In the interest of time, however, we’ll simplify the story.
Take a peek at these brief but mind-blowing statistics:
- International remittances account for 5% of the GDP for 54 individual countries. In some countries, they fuel nearly 33% of their total GDP.
- Remittances are proven to reduce poverty, to increase access to healthcare, to boost personal savings rates, and to even drive up school enrollment rates.
- In the last five years, remittances have inexorably surpassed foreign direct investment (FDI). That means that the remittance market is a more dynamic financial force than the charitable efforts of most developed nations.
- According to the latest economic forecasts, the global remittance industry will surpass $800 billion in 2023 and potentially exceed $8.5 trillion by 2030.
While the numbers are staggering, they leave out an intangible but essential factor:
the role of paying agents.
As we discussed above, a paying agent is the party that delivers the transaction on the receiver’s side.
They’re the ones who interface with the people, the families, and the entrepreneurs who invest the money back into their local economy.
Paying agents are the ones who shake people’s hands and look them in the eye.
They not only help communities flourish financially, but they provide the human touch and personalization that relationships are built upon.
Remittance services have changed the world, and paying agents deserve ongoing recognition for their role in that triumphant story.
UniTeller and Paying Agents: A Strong Partnership
What do paying agents receive by working with UniTeller?
UniTeller’s vast international network features:
- Time-tested relationships in 80+ countries.
- A growing list of 100+ business partnerships.
- Veteran experience with 50+ currencies.
- Convenient access to 200,000+ payment points for cash pickup (and 2,500+ banks for account credit & mobile wallets).
Every year, UniTeller oversees over $14 billion in total volume paid. As a paying agent, you can be a part of this—paying out transactions from UniTeller, as well as from large multinational banks and other leading money transfer operators that are partnered with UniTeller.
And while we’re excited by where we’ve been, we’re even more enthusiastic about where we’re headed.
In recent months, we’ve partnered with several major networks in both Asia Pacific and Africa, in addition to serving trusted retailers across the United States, Canada, Latin America, and Europe.
As a paying agent, you are welcomed into this ever-growing network of change and given all the tools you need to fulfill your potential.
Benefits of Being a Paying Agent With UniTeller
Cross-border payments empower businesses to establish incredible revenue streams.
By partnering with UniTeller, you can gain instant access to a flexible, end-to-end service that seamlessly moves funds across borders.
Our platform is optimized for customization.
Whether you need our full turnkey solutions or niche API integrations, the UniTeller platform provides the targeted solutions you need.
Whatever you hope to achieve, UniTeller will unlock:
- Global access: with an expansive payout network spanning 200,000+ paying locations in over 80 countries, you can go global in a matter of minutes.
- Pure convenience: UniTeller helps you save on resources with bespoke, ready-made, payments technology.
- True customization: from turnkey solutions to white label integrations, UniTeller technology powers the platform with your brand front and center.
- Unrivaled security: with UniTeller, you’ll never have to worry about the details. Our best-in-class AML and compliance platform has you covered 24/7.
At UniTeller, we’re fully committed to the continuing success of your company, and the people you serve.
Uniting the World With Payments
At UniTeller, our name tells our story—and the story of countless people across the globe.
Uniting people, uniting businesses, uniting lives with acts of love.
Plus, we make it easy for businesses to pay—and get paid.
Simply put, we’re the gateway for institutions to drive global payments into the 21st century.
After all, the future of the remittance service economy depends on paying agents like you.
Whether someone sends money for their niece’s graduation, to help a friend start a business, or to pay for their parents’ vacation, millions of people need local paying agents to help them fulfill their financial dreams.
Ready to join the remittance revolution?
Click below to start moving money in real time.