SEC Form 20-IS - iRemit Global Remittance

The nationwide coverage of the Company’s door-to-door service reaches more beneficiaries than other
remittance companies with delivery area spanning 17 regions in the country. The iNotify (remittance pick-up) is
an alternative service method where beneficiaries in the Philippines can claim remittances from any of the
Company’s more than 7,100 (as of June 7, 2012) designated pay-out centers nationwide within 24 hours after
receipt of the remittance from the its foreign offices. The Company also opened new remittance corridors by
introducing iNotify Foreign, a method of remittance from one country to another. Both Filipinos and non-
Filipinos abroad can remit money and the designated beneficiaries can just pick up the proceeds from the
Company’s offices in these countries.
The Company also revolutionized the use of the debit card in the remittance industry. The iRemit Visa Debit
Card is a personalized debit and ATM card-in-one. It is the fastest service mode of the Company which
features real-time crediting of remittances from abroad. It enables both senders and beneficiaries to easily
withdraw cash from about 11,000 Bancnet, Megalink, and Expressnet ATMs in the Philippines. It also provides
access to Visa ATMs worldwide and can handle mobile and internet banking transactions. As a debit card, it is
also accepted in tens of millions of Visa-affiliated merchant establishments, and 1.8 million ATMs in more than
200 countries worldwide. The Company is promoting this alternative delivery channel aggressively to its
customers.
Furthermore, the Company continues to diversify its offerings to include socially-relevant services such as
collecting premium and contribution payments of OFWs to our country’s programs such as the SSS, Pag-IBIG,
Philippine Retirement Authority, and PhilHealth. The Company is also accepting home mortgage amortization
payments, insurance premiums, donations to CBN Asia, appliance purchase payments, airline booking
payments, and orders from Jollibee, the largest fast-food chain in the Philippines.
The company’s wide network coverage of OFW-host countries and several strategic partnerships and tie-ups
with various local and international banks, pawnshops, couriers and mobile phone companies make it the
largest independent local remittance company.
Aside from wide choices of remittance methods, the Company continuously upgrades the level and quality of
customer service. It has its own Manila-based 24x7 customer service support center. Customers now have
easy, convenient access to customer services through a dedicated team of customer support officers who
manage and support its foreign offices, associates and clients. This team of highly trained professionals also
handles status inquiries and complaints. The initiative greatly enhances customer convenience and the
Company’s responsiveness to the remitters and beneficiaries’ welfare.
The Company also capitalizes on its technology platform to support business growth and provide more
innovative services around the globe. It established host-to-host connectivity with strategic partner banks to
greatly improve transaction speed. It utilizes the latest in advanced banking technology to ensure fast, reliable
and secure delivery of remittances. The company defines and maintains information security policies that
follow leading industry standards through the use of firewalls, secure socket layer (SSL) encryption, anti-virus
and anti-spam measures, and user-defined access controls. Its major application systems also have multiple
security features to protect the integrity of application and data.
Apart from the security of its information systems and resources, the Company also aims to comply with all
anti-money laundering regulations of the Bangko Sentral ng Pilipinas and of the monetary authorities and
financial intelligence units of all host countries it operates in. One of the significant aspects of the company’s
compliance program with respect to anti-money laundering/counter-terrorism financing is the proper
establishment of the true identity of its customers through the proper customer due diligence (CDD)
procedures. All of the Company’s foreign offices have duly appointed compliance officers who are responsible
for implementing all aspects of anti-money laundering (AML) and counter-terrorism financing (CTF) regulations
and guidelines in complying with the specific AML and CTF regulations. These policies and regulations
essentially adopt the recommendations of the Financial Action Task Force (FATF), the inter-governmental
body organized for the development and promotion of national and international policies to combat money
laundering and terrorist financing. The Company periodically undertakes internal reviews and when required
by a particular country, its subsidiaries and affiliates are subjected to external audits or compliance
examinations.
The Company also aims to develop and increase customer awareness of its brand through advertising and
promotional activities and by actively participating in the activities of Filipino communities in the countries
where it operates in. It also reinforces its presence in the countries that it operates in by participating actively
in the activities of Filipino communities and promoting the Company’s services through Filipino organizations.
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