Inter-American Dialogue’s Remittances Scorecard 2016 Ranks Xoom Amongst Top Money Transfer Companies Serving Latin America and the Caribbean
Today, we’re excited to share that Washington DC think tank, Inter-American Dialogue, ranked Xoom as one of the top money transfer companies serving Latin America and the Caribbean (LAC) for the third consecutive time. For the past 10 years, Inter-American Dialogue has produced an analysis of the LAC remittance market as part of its Scorecard Project. The project, now on its fourth iteration, has become an important industry reference for market developments; costs of sending money to the region; financial inclusion; competition and available products.
The 2016 Scorecard took a look at the top players in the industry, including 30 remittance service providers, which combined handle 90% of the 14 million monthly transfers to eleven LAC countries. Through an analysis of twelve indicators, including transfer costs, payment networks and consumer support, the report presents a ranking of competition across the U.S. money transfer industry.
Overall, Xoom ranked number one amongst the industry players, with a combined score of 40 out of a total possible score of 48, as measured by the following indicators:
The combined results showed that Xoom was amongst the top performers and maintained its ranking from 2012. Xoom was recognized for the number of countries we operate in; extensive network of operations that also reaches rural areas; and quality customer support.
According to the report, remittances to Latin America and the Caribbean (LAC) exceeded US$70 billion dollars in 2015 and are expected to grow by more than 5% this year – contributing to economic development in the region. Through new innovations and advances in the money transfer industry, consumers have benefited from lower costs; a wider range of financial products; and new opportunities for financial inclusion.
Inter-American Dialogue presented the findings today during a session with Dr. Manuel Orozco, Director, Inter-American Dialogue, Xoom’s Gene Nigro, Viaamericas’ Paul Dwyer, and Barri International’s Alberto Laureano in Washington D.C. The full report, along with the Scorecard variables and metrics, can be found here.