Why is the Directo a México effort being developed?
Directo a México was developed to help narrow the gap between the market potential of the FedGlobal Mexico Service and actual market penetration. In 2005, the amount of funds transferred to Mexico reached just over $20 billion, up from $16.6 billion in 2004, and has experienced double-digit percentage growth for the past several years. Population trends indicate continued strength. However, U.S. banks and credit unions currently account for only a small share (likely no more than 3 percent) of the remittances sent to Latin America. Most remittances from the U.S. to Mexico are now handled by money transfer organizations. Directo a México helps U.S. financial institutions overcome a number of barriers. The program’s Spanish-language promotional templates help all and medium-sized institutions (among the most likely to benefit from using Directo a México) to produce professional materials with minimal investment. The materials feature the consumer benefits that financial institutions can
