Remitly, a Seattle-based firm that provides international remittances and digital financial services for immigrants, has added new banking features in its money management app Passbook. Launched early last year, Passbook aims to simplify the process of opening and using a bank account for immigrants in the U.S. by eliminating banking fees, accepting alternative forms of identification, and facilitating international money transfers.
New features introduced in the Passbook app allow customers to spend, send and save money with more flexibility. Users can get themselves verified digitally through forms of identification common to immigrants, such as a passport or other foreign government-issued ID like the Matricula Consular ID. Passbook users can now also make online transactions with their Passbook Visa debit card within minutes of opening an account, even if they haven’t yet received their physical Visa card.
Another new feature is Early Payday, which makes direct deposits accessible for users up to two days before their actual payday. The new functionality also allows users to transfer funds overseas to other account holders on the app instantly and free of cost.
The digital banking services on the Passbook app are offered through a bank account issued by Sunrise Banks, a Certified B Corp and partner bank with experience working for immigrant communities through initiatives such as the Open Door Mortgage Program. The bank has previously issued prepaid debit cards for AT&T Small Business, Boost Mobile, and Relay.
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