Bringing down the cost of remittances 

Video: Citigroup (Michael Klein, former Vice Chairman)

Citi has developed a ground-breaking remittance solution, “Remit As You Earn (RAYE)”: an innovative, simple, secure and cost-effective means of sending money overseas. As well as launching the RAYE service to its own UK-based employees later this year, Citi is currently in discussion with major public and private sector organisations in the UK about rolling out the RAYE service, which could provide their employees with savings of around 50% compared to the average transaction charge from other UK providers.

With over 3.3 million diaspora employed by corporate and public-sector organisations in the UK, there is enormous potential to scale up this innovation. Globally, remittances are worth at least $240 billion (£120 billion) to poor countries – more than double the $106.5 billion provided in global aid.

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