Unlocking the cross-border opportunity: how PayMitto helps financial institutions capture remittance revenue
Global remittances are growing, and U.S. financial institutions are well-positioned to benefit. Each year, billions of dollars are sent from the United States to friends and family abroad. But instead of using the banking platforms they already trust, many account holders turn to third-party apps and services to complete these transactions.
This represents a clear missed opportunity. Banks, credit unions, and fintechs are not only losing revenue, they're also losing visibility and engagement.
PayMitto is built to close that gap. It’s a white-label solution that allows financial institutions to offer international payments directly from their existing digital banking experience, fast, secure, and fully branded, without building a program from the ground up.
Demand is rising, and financial institutions are losing ground
The United States is the largest remittance-sending country in the world. In 2024, U.S.-based senders remitted an estimated $103 billion abroad1, a figure that has grown steadily for over a decade. Global remittances overall reached $905 billion in 2024, according to the World Bank.2
Many of these transactions are funded using cards and accounts issued by traditional financial institutions. But the actual payments often happen outside the institution’s ecosystem, through third-party providers. Banks and credit unions issue the payment instruments, then miss the transaction fees and the opportunity to deepen the relationship through additional services.
“Your account holders are already sending money internationally,” said Hal Ramakers, SVP of Global Solutions and Chief Compliance Officer at PayMitto. “They’re doing it regularly and they’re doing it without you. That’s not just a missed opportunity — it’s an open door for competitors.”3
Account holders still rely on their banks and credit unions for security. But when it comes to ease of use and global reach, they look elsewhere. In a digital-first world where speed and convenience are non-negotiable, that gap creates real vulnerability.
Visa’s 2024 Money Travels report found that more than two-thirds of remittance users globally prefer digital apps to move money internationally.4 These are not one-time needs, they’re part of everyday financial behavior. Financial institutions that don’t offer a competitive cross-border experience risk losing account engagement month after month.
Financial institutions have an opportunity not only to protect existing relationships but also to grow wallet share. By offering fast, seamless international payments, banks and credit unions can drive stronger engagement, unlock new revenue, and deliver on the expectations of a globally connected account holder base.
PayMitto delivers a faster path to global payments
PayMitto gives financial institutions a new way to compete. It is a purpose-built, branded solution that allows banks and credit unions to launch a compliant international payments service quickly and without significant internal development.
With global connectivity, PayMitto enables account holders to send money to more than 200 countries in over 165 currencies, with near real-time payments available where supported. Delivery options include push to card, bank account deposit, mobile wallet, and cash pickup, giving account holders flexibility and speed.
PayMitto also addresses the regulatory burden that often deters financial institutions from entering the cross-border space. Through its partnership with The Bancorp Bank, N.A., PayMitto includes built-in compliance: real-time sanctions screening, BSA and AML monitoring, and fraud detection. Institutions don’t need to become licensed money transmitters to offer global payments.
“This isn’t about replacing your core systems or building a new business line from scratch,” said Ramakers. “It’s about giving you a low-lift, high-impact way to meet the needs of your account holders and bring cross-border revenue back into your institution.”3
For financial institutions on the Q2 digital banking platform, PayMitto can be launched with minimal effort through the Q2 Marketplace. Most institutions can go live in 90 days or less. PayMitto supports the full process, including testing, configuration, marketing strategy, and post-launch optimization.
Account holders expect embedded financial tools to work quickly and intuitively. With PayMitto, financial institutions can meet that expectation without adding complexity or compliance risk, deepening account holder loyalty while creating new revenue opportunities.
Want to learn more? Let’s talk.
Sources
1. Destatis / World Bank — Money transfers from migrants, 2024: https://www.destatis.de/EN/Themes/Countries-Regions/International-Statistics/Data-Topic/Economy-Finance/Remittances.html
2. Visa / World Bank — Money Travels: 2025 Digital Remittances Adoption Report: https://corporate.visa.com/en/products/visa-direct/resources/money-travels-report.html
3. Hal Ramakers, SVP Global Solutions and Chief Compliance Officer, PayMitto
4. Visa — Money Travels: 2024 Digital Remittances Adoption Report: https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.20706.html
Opinions, advice, services, or other information or content expressed or contributed herein are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).
PayMitto is a technology provider and not a bank or other regulated financial institution. All regulated international transfer services are provided by The Bancorp Bank, N.A. Terms and conditions apply.
