Asia United Bank (AUB) has partnered with the JSC Commercial Bank Unistream in launching the various inbound remittance services to the Philippines. The bank is the organizational and operational center of the international money transfer system UNISTREAM. The Moscow-based system operates 250,000 outlets in nearly 100 countries. Its affiliated companies develop own networks in the United Kingdom, Germany, Greece and Cyprus.
The set of services offered are cash payout, cash-to-account remittances and home delivery both in US dollar and Philippine peso. Beneficiaries are notified through short messaging service which is used nationwide. The services are now available in 69 AUB branches and over 3,300 payout locations across the country.
“The project has great prospects. With Filipinos living all over the world demanding quality services, the potential is just enormous,” said Senior Vice President of international business development for UNISTREAM Shekhar Nair.
UNISTREAM’s total volume of transactions was over USD3.9 billion and the number of transfers exceeded 6 million in the year 2010.
AUB’s executive vice-president Isabelita Papa says:”We realize the important role the remittances play in the Philippine economy. Since we are in partnership with a global player, Filipinos can safely receive their money from their friends and relatives abroad.”