Welcome to Crosstalks, Conversations that Drive Innovation. In this episode, we continue our exploration of compliance development in in the Money Transfer & Remittances industry with renowned payments expert Hugo Cuevas-Moore. The episode delves into the early AML measures enacted in Colombia and Latin America during the early 90s, highlighting th…

Welcome to episode 13 of Sending Money, EFTs and the Development of Compliance, Part 1 where I will discuss how compliance was developed in the Money Transfer Industry, how it changed client relationships, and how compliance in the payments industry as a whole came about. Risk management, a term used only after 9-11, implied facing the fact that mo…

In this engaging episode of Crosstalks: Conversations that Drive Innovation, we take a comprehensive journey through the evolution of remittances, tracking the transformation from fax-based transfers to today's digital era with payment expert, Hugo Cuevas-Mohr. Unravel fascinating stories from his 2023 book, "Sending Money, Forex, Remittances, Migr…

In this enlightening episode of Crosstalks: Conversations that Drive Innovation, we host Hugo Cuevas-Mohr, a seasoned payments expert and author of the 2023 book, Sending Money, Forex, Remittances, Migration, and the Fintech Revolution. Episode 11 navigates the transformative journey of family remittances with the advent of Electronic Fund Transfer…

The initial development of Electronic Money Transfers (EFTs) in the late 80s with the use of Telex, got a major boost with the introduction of the Fax and the downfall of Money Orders, as we saw in Episode 9. In the US there was a rapid rise of ethnic remittance companies obtaining money transmitter's licenses in states such as California, New York…

After the informal sending of money with couriers in the 70s and 80s, remittances began to be sent with money orders, USPS Money Orders or other MOs in the market, sent by migrants using courier companies. These companies grew and prospered, mainly serving Central & South America. There the MOs had to be cashed by Exchangers and Casas de Cambio who…

The third part of the Brief History of Foreign Exchange takes us to the present date, following the rise of Foreign Exchange Companies (FECs) in serving business companies and individuals with new online services and their participation in the amazing development of the Travel & Tourism industry (T&T) in this century.…

The second part of the Brief History of Foreign Exchange takes us from 1984, at the pinnacle of Nicholas Deak's forex empire through its collapse, with Deak's assasination on November 19, 1985, and the regulations and disclosure requirements set forth by the US upon all financial services providers.By Hugo Cuevas-Mohr

Foreign Exchange and Money Transfers are closely linked. In this three-part episodes I will describe the evolution of Foreign Exchange, from Pre and Post World War II, the 80s and 90s to the present. The first part will take us from the gold standard to the history of the Deak-Perera Company, until 1984, at the pinnacle of Nicholas Deak's Forex Emp…

Episode 5 discusses how informal money transfers take place. By informal i don't necessarily mean illegal. Informality exists when there is no regulatory measure in place that prohibits the type of informal method used or practiced, or there is no regulatory clarity in place - or enforcement - or where the formal methods are impractical, unethical,…

Episode 4 discusses the fundamentals of international money transfers, building from Personal Transfers and remittances - P2P - Person to Person, to the transfers involving businesses, P2B, B2P and B2B. We saw how technology and migration impacted the development of the industry; now I will explain how the information of the payment to be made acro…

Episode 3 discusses migration as the catalyst for the development of the remittance industry. Besides technology providing the tools as we saw in Episode 2, migration provided the customers, the two most important components of remittances and the development of cross-border payments. Wendell Samuel wrote this in 1990 when studies of remittances we…

In episode 2 we will explore the impact of technology in cross-border financial services and how inventions, mainly in communications, have created the payments revolution that we are witnessing. EFTs or Electronic Funds Transfers, were initiated with Telex, then came the Fax, then internet, and so on. Technology evolution built the cross-border pa…

This introduction is for us to get acquainted. I want you to know what are we up to as we embark on this series about money transfers, from the early days of family remittances to the fintech revolution, 40 years of a constantly challenging the financial services industry. I want to tell you how the explosive growth of this industry came about!…