Banco Union launches tPago service that will revolutionize the sending of remittances in the Dominican Republic

The Banco de Ahorro y Credito Union and GCS International with their product tPago signed an agreement with the objective of banking the hundreds of thousands of Dominican remittance recipients. This alliance seeks to educate clients for their effective incorporation into the financial system.

In this way, GCS International and Banco Union revolutionize the sending of remittances in the country, since customers will be able to link their remittances to an account and join tPago to carry out all the transactions offered by the mobile solution. In turn, Banco Unión has developed financial products and services that encourage savings, investment and credit among remittance recipients.

For the meeting, held at the new Banco Union branch located at the first level of Diamond Mall, the main executives of both companies, Brian Paniagua, CEO of GCS International, Maria Armenteros de González del Rey, Executive Vice President of Banco Unión, and Ernesto Elías Armenteros, VP of the Board of Directors of Banco Unión; who reported that customers can now join the service at any of the bank’s branches. They also mentioned that the new branch of Diamond Mall was designed as a service platform, where customers can purchase new products and receive financial advice in a special room.

Last year, Banco Unión signed an agreement with the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB). “In our country, about 60% of remittance recipients are not banked, so they do not have access to credit, insurance and other financial services. They receive the money in cash, so many spend it immediately and do not save. This project is aimed at incorporating this group of people into the financial sector, which is getting bigger in our country, “said Mr. Armenteros.

Brian Paniagua, CEO of GCS International – said that “Through this initiative the pioneer company reaffirms the commitment to create solutions that revolutionize the lives of Dominicans and the mobile payment industry.”