Real Time Cross Border Payment Solutions for Underbanked Immigrants in the US Boosts Prosperity

Santiago Rossi | Co-Founder & Chief Financial Officer

The immigrants periodically remit funds cross-border relying on traditional money transfer solutions.

The immigrant community in the US face one of the lesser-known misfortunes of the modern economy, with the prevalence of unbanked and underbanked individuals who have no access to many of the benefits that the digital economy provides. An unbanked individual lack access to bank accounts, while underbanked individuals have access to bank accounts but for different reasons, they rely on alternative non-bank financial solutions to meet some of their financial needs. Even those who are prone to utilize bank-like financial solutions must face the problem of legacy technology solutions which are inefficient and expensive.

This exposes millions of underbanked immigrants in the US to face a fierce vicious cycle. They live in a cash-based economy and leave no track of their financial performance, which limits their access to traditional financial services and other digital tools forcing them to go with inefficient legacy high-fee alternatives that makes it harder to fulfill their financial goals.

Almost every immigrant who left their home in search of prosperity is also in need to support their relatives in their home country. To this end, they periodically remit funds cross-border relying on traditional money transfer solutions. These solutions take the cash in a counter and moves it through the traditional US banking system, to the foreign banking system to ultimately be ready for pick-up in a cash-out counter. The receiving party must mobilize to pick-up the cash and finally mobilize to the local merchant to use the cash for food, medicine or to support their local needs. This makes the process lengthy, expensive, and inefficient, and does not give the sender control over the final use of the cash that is being sent abroad.

Many of these immigrants and their relatives could be greatly aided by real-time efficient digital cross-border payments solutions, which allow an individual to receive funds instantly in every mobile device and without the hassle of the hidden costs. Innovative cross-border transfer solutions reduce the burden that underbanked communities’ populations must face reducing their need to seek exploitative or inefficient options. A truly real-time cross-border payment platform can ease their struggles, offering access to financial solutions tailored to their needs.

At OKY we serve those underbanked immigrants in the US with a real time, cross-border solution that gives control to the sender over the use of the value that is being sent abroad. A truly real-time digital solution that allows a cash reload in the US, and provide access to a relevant marketplace that supports their relative’s needs.

OKY offers our customers with an efficient platform that directly connects consumers with merchants in Latin America. An innovative technical solution that allows immediate transfer of value cross-border at a fraction of a cost of traditional money remittance options.

OKY’s strong technical backbone is integrated with major brands in Latin America, offering more than 2,600 retail stores that processes real time transactions. Brands onboarding is fast and secure, and provides an innovative sales channel for those looking for digital sales channels.

With OKY, immigrants in the US that have no access to a credit card or bank account can provide for their family utilizing his mobile phone. Back at the home country, the receiving party goes directly to the merchant to pick up the goods or get the services they need, without the hassle of carrying cash and the hidden costs of getting the money.

At OKY (, we are continuously looking to inspire immigrants and help them improve their lives – everyday!

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