western union remittance strategy
TRANSCRIPT
Bain & Company
Western Union Remittance Strategy
Fall 2016
Bain & Company SIBC Analysts
Daniel Murphy
Junior
Mech Engineering
& ACMS
Riverside, IL
Jose Fernandez
Trevino
Sophomore
Pol. Science &
Economics
Monterrey, Mex
Roberto Elosua
Gomez
Sophomore
Finance & Stats
Monterrey, Mex
Blair Yiyang Hu
Sophomore
Pol. Science &
Economics
Shanghai, China
Regina Zavala
Rangel
Freshman
Economics
Monterrey, Mex
Yiling Zhou
Sophomore
Finance &
Economics
Shanghai, China
Miles Wood
Freshman
Business & ACMS
Kansas City, MO
Connor Murphy
Sophomore
Pol. Science &
Economics
Portland, OR
2
Meredith Henry
Sophomore
Liberal Studies &
Film/Television
Harrison, NY
Bernadette Grant
Sophomore
Undecided
Business
Chappaqua, NY
Executive Summary
Client
Western Union is global financial services company specializing in payments. 80% of its revenue comes from remittances, or C2C international payments.
Situation
Western Union’s relatively large remittance market share is declining, though the overall industry is growing.
Western Union is mainly struggling with problems of reach and costs.
Solution
Western Union should integrate brick-and-mortar partnerships with a new digital platform to target underbanked populations in developing countries and reduce transaction costs.
3
Western Union should integrate new physical partnerships
with a reengineered digital platform
Oasis
Objectives
Oxxo / Safaricom Locations Leverage WU Connect Stellar Mobile Platform
Impact
Greater Reach Greater Profitability Lower Transaction Costs
4
Physical Partnerships Digital Platform
$WUPartner with companies
with large reach
as withdrawal points
Leverage WU Connect’s
reliability and interface to
streamline development
Partner with Stellar to
create blockchain–based
mobile payments platform
Expand Market Share
by targeting mobile users
in developing countries
Revenue Stellar’s blockchain
technology can reduce
transaction costs by 25%Costs
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
5
Remittance Market Overview
Informal
Reach Costs
6Sources: Morningstar, Business Essentials
Western Union’s remittance-dependent
business model is under pressure
Background
• Founded in 1851
• Provides money movement and
payment services world-wide
Business Segments
Consumer to Consumer
•Allows people to quickly send or receive money anywhere around the world
•80% of revenue and 90% of profits
Consumer to Business
•Singular or recurring payments to businesses
•International B2B cross-border, cross-currency payment services
Business Solutions
•Facilitates payments for small and medium enterprises across borders and currencies
Gross Profit Margin DeclineRevenue Stagnation and Decline
500,000
agent
locations
worldwide
100,000 ATM
Locations
0
2
4
6
8
10
12
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenue (
in b
illions
of
dollars
)
Year
37
38
39
40
41
42
43
44
45
46
47
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Gro
ss P
rofi
t M
arg
in (
%)
Year
CAGR: -1.3%
7Source: Save
Western Union has made several efforts to develop
technologies that respond to the digital evolution of the
remittance industry
WU Connect: P2P Payment Solution WU.com
Consumer Propensity to use WU Connect Explosive Growth of WU.com (Q1 2016)
• Allows money to be sent over social media
and consumer messaging platforms Viper and
• Can send up to US $499 for pickup at agent
locations in 200+ countries
• Can fund money using credit card, debit card
or bank account and send to agent location,
a mobile wallet, or bank account
• Leverages trusted brand name with enhanced
customer engagement
Offers online money transfer services
Send from a bank account, credit or
debit card to a mobile phone or
bank account
Can send up to US$3,000 and even more using online foreign exchange
service
80% of new WU.com customers are new to Western Union
Viber WeChat
US +56% +43%
UK +67% +76%
18%
1%-1%
1%-1%
5%
0%
-2%
3%
8%
13%
18%
23%
WU.com Total C2CRevenueGrowth
MiddleEast andAfrica
LatinAmerica
andCarribean
AsiaPacific
NorthAmerica
Europeand CIS
Gro
wth
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
8
Remittance Market Overview
Informal
Reach Costs
92016 10K, SaveOnSend, Infosys, Pew Research Center
The worldwide remittance market is experiencing
growth driven by developing nations
Basic Overview
Geographical Overview
Segments Market Share
$586B Industry in 2015
$436B to developing countries
Remittances have steadily climbed since
1970
Expected $636B Industry by 2017
Top Remittance Senders
United States ($133B)
Saudi Arabia ($46B)
United Arab Emirates ($30B)
Germany ($23B)
Russia ($16B)
Top Remittance Recipients
India ($69B)
China ($64B)
Philippines ($28B)
Mexico ($25B)
Nigeria ($21B)
41%
16%
21%
22%
MTOs
Banks
Digital
Hawala/Informal
Takeaways
•3.5% growth projected from 2015 to 2017Growth
•74% of remittances sent to developing world
•Majority of growth comes from developing markets
Developing World
10Infosys, World Bank
Digitization has disrupted the remittance industry,
creating downward pressure on fees and necessitating
responses from established players
Technological Shift
Consolidation in the Industry
Decreasing Remittance Fees in All Segments
Exploration of Alternate Platforms
Social Media
Platform
Money Transfer Service
Increased Accesibility
90% of money transfer between friends and family
Facebook and WeChat have
extensive international
consumer base
Traditional agent-based business models are diversifying into new revenue streams
Innovative money transfer players looking to become generic money management players
Example: PayPal acquired Xoom for US$890m in 2015
Digital services account for 53% of the industry
Proliferation of smartphones among remittance senders and receivers
Average digital money transfer fee of 5.32% in 2015
2011
• 9.30%
2012
• 9.00%
2013
• 8.93%
2014
• 7.96%
2015
• 7.37%
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
11
Remittance Market Overview
Informal
Reach Costs
Infoysys, World Bank, McKinsey & Company, GSMA, Pew Research Center, SaveOnSend 12
10%
11%
12%
13%
14%
15%
16%
Costs
Mobile money based remittances are fastest growing remittances product by transactions
volumes with a rate of +52%
Reach
Western Union Global Market Share
Decreasing Remittance Fees
Downward Margin Pressure
Key Trend: Digitization
Despite growth in the remittance industry, Western
Union’s market share is decreasing due to fee pressure
and digitization, creating a problem of reach and costs
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
13
Remittance Market Overview
Informal
Reach Costs
14World Bank, S&P Capital IQ, MoneyGram, Ria Financial Services
MTOs, although they comprise the largest segment, are
facing decreasing market share and margins
Major Players
Services Overview Methods of Money Transfer
Quantitative Analysis
Money Transfer
Currency Exchange
Bill Payment
Prepaid Debit Cards
Check Cashing
Money Orders
Send money online
Send money in person
Send money directly to bank accounts
Send money to a mobile wallet
Send money to an inmate
Market Share 41%
Margins 25%
Average Transaction
Size$200
9.3% Fee
13%
4%
5%
15S&P Capital IQ, Ria Financial Services, Interview with Tim Fanning (Former COO of Ria Financial Services)
Company Overview
Interview with Former COO Ria and 7-Eleven Partnership
Fee Structure
Average Intl. Transfer: $300
Estimated Average Intl. Fee: ~7-8%
Founded: 1987
Headquarters: London, England
Company Description: Operates the Money
Transfer segment of Euronet Worldwide, Inc. As
the third largest money transfer company in the
world, Ria has a global agent network of over
316,000 locations in 150 countries worldwide. In
addition to money transfer services, the company
offers bill payment, mobile top ups, prepaid
debit cards, check cashing, and money orders.
WU experiencing price pressure from third parties
People want to go to a branch, hand money to a person, and let the recipient collect it in person
Cash isn’t exiting the market because of its ease of use and anonymity
Money Transfer services available in 7-Eleven
Card-based, telephone originated remittance
Failed due to lack of personal interaction
Fee
Send/Pick-up Methods
Destination
Send Location
Money Amount
Ria’s comparable business model reveals the
risk of specific expansion strategies
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
16
Remittance Market Overview
Informal
Reach Costs
17
Segment Overview
Receive 70% of volume globally.
Top 4 US banks are responsible for half of all banks remittance volume.
Banks retreating from money transfer industry due to high regulations.
61
52
69
57
4840
59
4032 33
51
11
0
10
20
30
40
50
60
70
80
%
I trust traditional banks more than I do online banks
Using a peer-to-peer lender is riskier than getting aloan from a traditional bank or credit unionI would consider using banking services from anonbank (i.e. Walmart)
Trust in Traditional Banks
Segment Response to Technology
More people trust traditional banks over online platforms.
The underbanked sector would rather get a loan from a traditional bank.
Trust in traditional banks rises with household income, but so does demand for other alternatives.
Increasing e-commerce and electronic payment
technology will bring revenue growth
Majority of revenue comes from data processing and
transaction fees from credit/debit purchases.
Ratio of electronic payments to cash payments
has increased.
Transaction volumes for processors in industry have
gone up.
People tend to trust traditional banks over
other money-transferring alternatives
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
18
Remittance Market Overview
Informal
Reach Costs
Business Structure
19
Worker in
Country 1
Family in
Country 2
Broker in
Country 1
Broker in
Country 2
$$
Call / Fax / Email
Definition: An alternative, informal remittance system that works by transferring money without
actually moving it. It usually involves a hawaladar (broker) delivering money from his cash reserve or
account at the request of a counterpart hawaladar in another country who is serving a client
Remittance
Code
Remittance Code
Balancing Methods:Hawaladars usually well-
connected business
owners
Illegal:Smuggling of currency,
commodities or invoice
manipulation
Legal:Money transfers using
conventional bank routes,
postal money orders and
goods swaps
Chief Organizer, UN, IMF, Global Development Research Center, William and Mary, WAIFEM, Regalii
Informal money transfers through legal and illegal
channels rely on the personal networks of brokers
120Days
7Days
65%53%
20
Pros
•System is self-regulating, it is rare for hawaladars to defraud one another or their clients
•Very small operating costs and ensures anonymity for clients
•Cash based without any need of formal banking (ideal for unbanked clients)
Cons
•Moderate barriers to entry (must know a trusted hawaladar to participate)
•Due to its obscure and informal nature, extremely hard to regulate (illegal in some countries)
•Money laundering and other criminal activities rampant in system
Market Share
~22%
Margins 2%
Average Transaction
Size$200
.25% to 1.25% Fee
Quantitative Analysis
• The UN estimated that $100-$300
billion moved through informal money
transfer systems
• Margins are expected to stay at around
2% for the foreseeable future
• Very little overhead compared to other
formal transfer channels
• Enables hawaladars to charge
much lower rates than alternative
official channels
Evaluation of Hawala System
Chief Organizer, UN, IMF, Global Development Research Center, William and Mary, WAIFEM, Regalii
The Hawala system is low-cost but presents
serious regulatory issues
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
21
Remittance Market Overview
Informal
Reach Costs
22
FinTech, a new segment, is poised to
take over the remittance market
Traditional Remittance
Digitization
1. Less buildings and personnel
means less costs.
2. Virtually Instantaneous
3. Travel less distance for money,
less liquidity (theft)
• Over $24 billion in investments
over past six years
• More than 5,000 FinTech Startups
Quantitative Analysis
Market Share 21%
Margins 1%
Average Transaction
Size$1500
3.46% Fee
Relevance
40% global internet access
63% global mobile phone penetration
Digitization
23Source: Forbes, The Economist
M-Pesa offers a blueprint on how to successfully
integrate digital and physical payment systems
Diverse Partnership in Creation
• M-Pesa was created by a joint venture between UK’s department for International Development and Safaricom (Vodafone).
Volume of Transactions
• Over 43% of the value of GDP in Kenya in 2013 flowed through M-Pesa
• 237 million person to person transactions in that year.
Inclusiveness
• Extended financial inclusion for 20 million Kenyans.
• By 2011 more than 72% of the people in Kenya living under $1.25 a day used M-Pesa
Expansion
• M-Pesa later evolved from only a payment facilitator to a provider of loans and savings products.
• M-Pesa can also be used to pay salaries and bills.
Critical Success Factors
Effects
Household income increased by5-30% due to M-Pesa’sefforts
Decrease in time spent going to bank,standing in line, etc.
•Experienced troubles in expansion
Trouble replicating
• Weak law enforcement in target areas
Corruption and Money
Laundering
• 255 services in 89 countries
SevereInternational Competition
Challenges
24
SIM Card
•Phone often borrowed in rural settings
Balance
• Can be deposited at convenience stores
of M-Pesa users do not
have a bank accounts40,000 agents
Safaricom RetailersSelectBanks
Bank Aversion
Requirements
Partnerships: M-Pesa Agents
Physical Integration: M-Pesa Agent Tasks
60%
Key Demographic: Underbanked
Registration into system
Deposits/Withdrawals
Customer Education
Seamless Integration of Physical and
Digital
M-Pesa limited requisite technology and partnered with
existing retail networks to expand its service
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
25
Remittance Market Overview
Informal
Reach Costs
WesternUnion.com, TransferWise.com, Infosys, World Bank, Reuters, SaveOnSend 26
Consequences of Fee Pressure
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
$50 $100 $150 $200
MTO
Mobile w/ Cash
Mobile w/out Cash
Average Remittance Costs
Industry Responses
Reach Costs
FinTech companies are creating downward fee pressure,
straining traditional players with respect to reach and
costs
• Share of FinTechsegment devoted to payments
35%
• P2P payments growth$174
billion
The FinTech segment offers the most upside
potential in the future of the remittance market
SegmentMkt.
Share
Share
TrendsMargins
Margin
TrendsAvg. Fee
Barriers
To EntryRegulation Overall
MTOs 41 % Negative 25 % Negative 9.63 % N / A Medium
Banks 16 % Neutral 12 % Negative 11.18 % High High
Informal 22 % Neutral 2 % Neutral 1.00 % High Medium
FinTech 21 % Positive 1 % Positive 3.46 % Low Low
Summary of Analysis of Remittance Market Segmentations
Factors Supporting an Entry Into The FinTech Segment
Mkt. Share Trends
• Only FinTechsegment has positive growth
CustomerType
•Underbanked
•Represents 75% of overall market
Success of Startups
•M-Pesa handles 43% of the value of Kenya's GDP
Efficient Solution
•Best area for solution given constraints: time, budget, feasibility
27
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
28
Remittance Market Overview
Informal
Reach Costs
Western Union can alleviate its reach and costs
problems by adapting the M-Pesa model
Days
65%
29
Solution: Expand M–Pesa Model
Reach: Falling Market Share Costs: Falling Remittance Fees
Problem: FinTech Player Entering Remittance Market
Partnerships Physical-Digital Integration
Physical: Convenience Stores Digital: Stellar PartnershipFlexibility in Partnerships by
Use - Case / Country
• Physical locations serve:
• to reach customers
• as withdraw points
• REACHES more customers
• Stellar partnership serves:
• to reduce costs
• to digitize use
• Reduces COSTS
• Flexibility in integration
• target large physical
partners by country
• utilize local
infrastructure
Impact Risks Implementation
Reduced costs and greater
market share will produce
$204- $957 MM in profits
With Stellar, Oxxo, and WU
Connect, this strategy can be
implemented by late 20172017$
Security, regulatory, and
brand confidence risks
have been addressed
30Stellar, Western Union
Western Union and other remittance companies
have pursued comparable partnerships
Stellar Overview WU - Oxxo Partnership
•Nonprofit that connects people to low-cost financial services
The Organization
•Made up of servers that contain a shared database of all accounts on the networkThe Network
•Entities that connect to the stellar network and lets incompatible organizations interact efficiently
Gateways
•Developed at the local levelUsers and Services
Partnership with Deloitte and Tempo
Deloitte Partnership
Reduce cost of transfers by up
to 40%
Transactions completed in 5
seconds
Tempo Partnership
600,000 transactions for
$.01
Increase transparency and reduce
remittance fees
• Partnership with Mexico’s largest
convenience store chain with 14,000
locations
• Flexibility: three modes of payout
• Doubles retail network in Mexico
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
31
Remittance Market Overview
Informal
Reach Costs
Western Union can cut variable costs to lower
its remittance fees and win market share
32
Demand Curve Logistic Concave Convex
Shape
S(P)
Pros Diminishing returns to
raising and lowering fees
Diminishing returns as
fees approach 0
Traditional approach,
data-driven elasticity
Cons Assumes higher market
share at high fees
Diminishing decreases not
present as fee grows
Monolithic elasticity
unrealistic
In order to calculate the effect of lowering remittance fees on the overall market share,
we need to assume a demand curve that accurately portrays the remittance market.
Profit Revenue
Market SizeMarket Share
S(P)
Price per Remittance
Costs
Fixed CostsVariable Cost
C(P)
Profitability Optimization Model
0%
10%
20%
30%
40%
50%
60%
70%
Mark
et
Share
S(P
)
Fee
Market Share vs. Fee
WU 10K
Successful implementation of the solution
greatly increases both market share and profit
33
Logistic Demand Model
($2.0)
($1.5)
($1.0)
($0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
Pro
fit
(in b
illions)
Fee
Profit vs. Fee
Scenario Base Case Worst Case Best Case
Description Current WU
Situation
Failure to increase
market share
Grow share and
maximize profit
Fee 9.3% 8.1% 8.1%
Market Share 13% 13% 19.9%
Profit (Net Profit) $1.04bn ($0) $1.31bn (+$265 MM) $2.0bn (+$957 MM)
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
34
Remittance Market Overview
Informal
Reach Costs
35Source: Western Union 10K
In a competitive, dynamic environment, successful
implementation is challenged by a number of risks
•Price reductions reduce margins and adversely affect financial results in both short term and long term if transaction volumes do not increase sufficiently.
Reduction in Margins
•Poor performance of third-party businesses may impair their ability to provide services to Western Union and have a potential impact on Western Union’s own business.
Third-Party BusinessPerformances
• Insufficient professional qualifications, knowledge or skills in money transfer services of third-party agents may damage thereputation of Western Union and confidence in brand
Customer Confidencein Brand
•Third-party locations that have low security protection such as 7-Eleven and Starbucks may be more vulnerable to thefts, robberies and other criminal activities
Physical Security ofThird-Party Locations
•Additional regulations such as customer identification, agent due diligence requirements, enhanced recordkeeping or transaction monitoring may be difficult to comply with
New and Increasing Regulations
•Stellar’s virtual system and its own digital currency lumens are at risk from hackers, malware and operational glitches that could result in huge losses
Stellar’sCybersecurity
Problem Identification
Western Union Overview
BanksMTOs
Western Union Remittance Strategy
FinTech
Analysis and Comparison of Segments
Recommendation: Physical-Digital Integration
RisksImpact Timeline
36
Remittance Market Overview
Informal
Reach Costs
By leveraging Western Union’s current resources, this
strategy can be implemented by the end of 2017
37
Q1 2017Reach Out and
Confirm Physical
Partnerships
Secure Partnership with Stellar
Review Regulatory Compliance
Q2 2017Trial at Selected Stores
Integrate WU/Stellar Engineers
Beta Test Platform
Q4 2017Marketing to
Target Countries
Offer Discounts to New / Loyal Customers
Record Data on PlatformPerformance
2018 Beyond
Profit Optimization
Expand Into Rural Markets
Expand fromC2C to B2B
Implementation Timeline
Long-Term
Planning
Phase 1
Phase 2
Phase 3
Phase 4
Product
Development
Official
Launch of
New Strategy
Joint
Venture
Proposals
Successful ImplementationGrow market share, reduce costs, and
mitigate FinTech threat
38
Identified Problems In Western Union Remittance and Segment Analysis
Western Union Remittance Strategy: Objectives, Implementation, and Addressed Risks
Summary
Western Union’s remittance business struggles in reach and cost
The most attractive strategy involves entering the FinTech segment of the market
The FinTech segment is the fastest growing segment, and has the lowest costs
Many consumers in developing countries only use digital platforms
Western Union should integrate physical and digital partnerships
Partnership will stellar builds a digital platform, reducing costs by 25%
Partnerships with Oxxo and Safaricom give physical locations to withdraw cash
Implementation of strategy is achievable by the end of 2017
Potential security, regulatory, and implementation risks have been addressed
“Western Union is the largest player in the international remittance business, but is
losing its market to FinTech players. To combat downward pressure on fees, Western
Union should integrate digital and physical partnerships to reach greater markets in
developing countries and decrease costs associated with sending money.”
Conclusion
APPENDIX
39
Appendix 1: Details and Assumptions for
Recommendation Impact Calculations
40
WU 10K Data
Solution Calculations
Transaction Fees $3,221,000,000
For Ex $1,057,100,000
Other Revenues $65,800,000
Total Revenue $4,343,900,000
Operating Expenses $3,301,364,000.00
Operating Income $1,042,000,000
Operating Margin 24%Remittance Market $553,701,000,000
WU Market Share 13%WU Fee 9.30%
WU Remittance Volume Remittance Market * Market Share = $71,981,130,000
Realized Remittance Rate Revenue / WU Remittance Volume = 6.03%Realized to Fee Scaler Remittance Fee / Realized Remittance Fee = 1.5411
Total Remittance Fees WU Remittance Volume * Remittance Fee = $6,694,245,090
Realized Remittance Fees WU Remittance Volume * Realized Remittance Fee = $4,343,900,000
Realized Operating Income Operating Margin * Realized Remittance Fee = $1,042,536,000
Cost of Sending $1 Operating Expenses / Remittance Volume = $0.045864
Marginal Revenue/$1 Sent Realized Remittance Fee = $0.060348
Income/Dollar Sent Cost of Sending $1 – Marginal Revenue/$1 Sent = $0.014483
Income Income/Dollar Spent * WU Remittance Volume = $1,042,536,000
Cost Reduction Calculations
Calculated Data (WU Specific)
Costs Reduction (Assumed) 25%New Cost of Sending $1 (1-Cost Reduction) * Cost of Sending $1 = $0.034398
Desired Income per Dollar Spent Income/Dollar Sent = $0.014483
Target Marginal Revenue Cost of Sending $1 + Desired Income/Dollar = $0.048882
New Realized Remittance Rate Target Marginal Revenue = 4.89%New Remittance Fee Scalar * New Realized Remittance Rate = 7.53%
Fee Realized Fee S(P) Revenues Costs Profit
Last Fee + (WU
Realized Remittance
Fee – Min Fee) / 15 =
Fee * Realized to
Fee Scalar =
1 / (1 + Exp(100 * (Fee –
(Realized Remittance Fee * 100 – 1.734) / 100))) =
Remittance Market * S(P) *
Fee =
Remittance Market * S(P) *
Other Revenues = Revenues – Costs =
0.052538 0.08096494949 0.1990282167 $5,789,822,092.17 $3,790,757,247.98 $1,999,064,844.19