Pomelo International, the world’s first fintech company to combine credit and international money transfer, has now made sending money from the US to the Philippines even safer. With the release of their bank transfer product, Pomelo has built enhanced recipient security, so that senders in the US can trust that their money is going to the person they intended.
“This is a big step forward in fixing international money transfer,” says CEO Eric Frenkiel. “We didn’t just build this like everyone else, we built it better. We heard from our customers about their anxiety when sending large amounts of money. They asked how they could be sure that it gets to the right place. We’ve leveraged international modernization of real-time settlement to make this possible like never before.”
Pomelo is now confirming not only a recipient’s identity with a government-issued photo ID, but also the recipient’s bank account by sending a micro-deposit and having the recipient confirm it before sending the full amount.
All of this happens quickly and easily, as customers have come to expect when sending money with Pomelo.
“Building the future of international money transfer means protecting consumers and their money,” says Tarah Herger, EVP, Division Manager, Coastal Community Bank. “Pomelo has shown that the highest standards in security are not only a regulatory preference, but an enabler of customer trust.”
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