CIBC has expanded its Global Money Transfer (GMT) service in a boost to global P2P payments.
The collaboration includes cash pick up through MoneyGram, which enables payments in more than 40 countries.
Vineet Malhotra, Managing Director and Head, Alternate Solutions Group & Retail Solutions Group at CIBC, said: “For many clients, sending money abroad to friends and family can be challenging as it is often necessary for the recipient to pick up funds in cash.
“Enhancing access to international money transfers and capabilities through innovative solutions like working with MoneyGram to enable cash pick up means greater convenience, faster, for our clients.”
Cash pick up has remained relatively prevalent within the remittance market. It is currently estimated that more than two-thirds of the market is supported via cash pick up.
“We are extremely pleased to announce our latest successful partner integration, this time with CIBC,” added Grant Lines, Chief Revenue Officer at MoneyGram.
He continued on the expansion: “Through our modern, mobile, and API-driven platform, CIBC has been able to seamlessly plug into our global network and provide expanded services for their clients.”The offering, which taps into a MoneyGram reference number, is available in various regions, including: India, the Philippines, Sri Lanka, Mexico and Jamaica.