This post is part of our live coverage of FinovateEurope 2015.

TransferTo showed how its Prepaid Electricity Remittance gives the sender more control over how recipients spend their money.

A major and recurring issue with money remittance is the sender not knowing how their money is spent.

TransferTo has developed a new service to overcome this problem whereby the sender can remit value for a specific purpose. We call it Value Remittance. TransferTo works directly with service providers to enable remote payment for services such as utilities, petrol, healthcare, school tuition, groceries, etc.

A great example of this is the Prepaid Electricity in Indonesia. Indonesian migrant workers in the Middle East send millions of rupees back to their families. Instead of sending money, TransferTo enables them to remotely top up the Prepaid Electricity meter of their loved ones back home.

 

Presenters: CEO Eric Barbier, and EVP Charles Damen, global business development