IDT is expected to launch RCH services with wireless services provider Smart Communications and telecommunications company Globe Telecom in the Philippines. Smart and Globe serve about 69 million subscribers and nearly 10 million mobile wallets in aggregate.
By using IDT’s RCH, Smart Money accountholders and Globe’s GCASH accountholders are expected to be able to receive proceeds from cash-based money transfer transactions and use those funds to carry out payments or withdraw cash.
IDT Financial Services (IDTFS), a Gibraltar-based bank, is set to conduct all banking related activities for the RCH, including transaction processing, foreign exchange management and settlement of funds within the ecosystem. IDTFS is also expected to assure regulatory compliance and integrity for remittance clearinghouse operations.
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