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Digital money transfers now easily tracked

Screengrab from https://www.xoom.com/track-transfer

SAN FRANCISCO—A leading digital money transfer provider is introducing a text update service to money transfer recipients in the Philippines so they are notified when their money is available.

Earlier this year, Xoom Corporation (NASDAQ: XOOM) launched StatusTrak (https://www.xoom.com/track-transfer), a tracking center that provides Xoom customers with a variety of ways to track their money transfers. These methods include e-mail updates, SMS text message updates and 24/7 online and phone support.

“When our customers send money, they want the peace of mind of knowing that their loved ones have received it—which is why we introduced StatusTrak,” says Julian King, Xoom’s senior vice president of marketing and corporate development.

“Now we can notify their family and friends who are receiving money in the Philippines, by texting them to let them know that the money is ready for pickup, delivery or on its way to their bank account. This new feature makes sending and receiving money more convenient for both the sender and recipient, which is very reassuring to our customers,” King adds.

The majority of remittances sent to the Philippines are picked up in cash by the receiving customer. In the past, the sender would have to relay the transaction number to the recipient before the money could be picked up. Now, with Xoom’s convenient tracking service, the sender no longer has to relay the transaction number and alert the recipient that money is available to them. Xoom can automatically send a free text to the recipient.

“According to a report by Business Monitor International (BMI), Filipinos use SMS texts to stay in touch with their loved ones back home, and the number of Filipino mobile phone subscribers has grown to more than 100 million people,” King saide. “The same report showed that Filipinos generate the largest SMS texts volume in the world, accounting for more than 10 percent of global SMS texts.”

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Tags: Business , cash , digital , Money , remittances , technology , transfers

  • Just_in_Barber

    I remember way back 2008 this is already being done by money transfer services in the Middle East. I transfered money to Luzon and I received txt messages once my cash has been withdrawn by the recipient.

    • Just_in_Barber

      I see, If I understood the story above correctly, no need for sender to sms/txt the PIN number to the recipient because the recipient will receive a notification in advance. Isn’t this a security hole? What if your phone is in your table and some other people got hold of your phone, and grabbed (stole) your phone and withdraws the cash?
      Still safer if the sender himself sends the PIN and verifies the receiver by either calling or other means of verifying the holder of the phone, whether he/she is really the intended recipient.

      • Hirapsabuhay

        Correct.. still not secured at all… what is the point.. because for sure the recipient will also notify you once they’ve got your padala…

      • RJ Legaspi

        I do not think that’s a big security hole. Apart from the PIN, the money transfer agencies will ask you more details to fill up such as where is the money coming from, from whom, the amount you are expecting to receive etc. Along with that you would need to provide valid identification cards as well.

        If you think about it, anyway of sending the PIN can be breached. Sending the PIN via email or social media messaging system can be cracked. Even voice call – imagine you would have to repeat the PIN number over the phone and someone’s actually eavesdropping?

        There are layers of security being implemented to ensure the money is sent to the right person – PIN is just one of those layers.

  • rapas_gamrud

    This practice had been going on quite sometime by a money trasfer company here in Phil. I guess.

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