Intermex and PickTrace join forces to help agriculture workers send money cross-border
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Insights
The strategic alliance between Intermex and PickTrace presents a significant development in the remittance and labor management sectors. The collaboration is poised to create a more streamlined experience for agricultural workers when sending remittances, which could potentially increase the volume of transactions processed through Intermex's platform. This partnership leverages the existing customer base of PickTrace and integrates financial services directly into the labor management platform, potentially increasing customer loyalty and reducing churn for both companies.
From a market perspective, this move could position Intermex more competitively against other remittance service providers by tapping into a niche market of agricultural workers. The specificity of the solution provided could lead to a differentiated service offering, which is crucial in an industry where competition is fierce and customer retention is key. For investors, the long-term implications could include sustained revenue growth and an expanded market share for Intermex.
Intermex's partnership with PickTrace can be expected to have tangible financial implications. By targeting a specific workforce, Intermex could see an uptick in transaction volume, which may translate to higher revenue. It's essential to consider the scale of the agricultural workforce in the US and the frequency of remittance transactions to gauge the potential financial impact. The partnership could also lead to cost synergies by integrating the remittance process into PickTrace's platform, potentially reducing customer acquisition costs and improving operational efficiency for Intermex.
For stakeholders, the key metrics to watch in the coming quarters would be the growth in active users, average transaction value and the overall impact on Intermex's bottom line. Additionally, the market will be looking for signs of how this partnership affects Intermex's market positioning and whether it can leverage this to negotiate better terms with financial intermediaries due to increased volume.
The partnership between Intermex and PickTrace underscores an important trend in the agricultural industry where technology and financial services are converging to improve the livelihoods of farmworkers. Remittances are a crucial part of the global economy, particularly in regions where agricultural workers often originate. By simplifying the remittance process, this partnership could incentivize more consistent and potentially larger remittances, which in turn could have a positive effect on the economies of the receiving countries.
It is also worth noting the potential impact on the labor market within the agricultural sector. Enhanced financial services could make certain farming operations more attractive to workers who rely heavily on remittances, potentially affecting labor distribution and wages in the sector. Over time, this could lead to changes in labor market dynamics and could influence agricultural production costs and outputs.
MIAMI, March 06, 2024 (GLOBE NEWSWIRE) -- Intermex & Picktrace have joined forces to revolutionize the way agriculture workers in the US send money back home to their loved ones.
Intermex, a leading omnichannel money transfer service provider, is thrilled to announce its partnership with PickTrace, a labor management platform purpose built for large scale farming operations, aimed at facilitating money transfers for workers in US. This collaboration not only strengthens Intermex's omnichannel approach and customer-centric philosophy but also enhance PickTrace's value proposition for its clients and clients’ employees.
Marcelo Theodoro, Chief Product, Marketing & Digital Officer at Intermex, stated, "Our paramount goal is always to cater to the needs of our consumers. This partnership merges Intermex's expertise in the remittance industry with PickTrace's robust labor management tools." He further expressed optimism about expanding their digital offerings through this collaboration, providing greater user experience and simplicity to workers in the US. Theodoro emphasized the vital role of cross-border remittances, noting that enabling money transfers in partnership with PickTrace is a significant stride towards promoting financial inclusion across Latin America and diversification of Intermex business.
Joel Zemer, CEO at PickTrace, shared “Over the past 10-years PickTrace has been committed to digitizing the labor management practices across the US specialty crop sector, where today PickTrace serves hundreds of agriculture employers. With the introduction of our mobile remittance platform, PickTrace is now creating value for the hundreds of thousands of agriculture employees that historically have had limited financial service offerings available to them. We are thrilled about the impact this new partnership with Intermex will enable for the US agriculture workforce, supplying an easy and cost effective solution to send money back to their home country.”
As of March 1st, 2024, users are now able to conveniently send money via the PickTrace mobile app. This service has been seamlessly integrated into PickTrace’s existing application, requiring no additional enrollment or activation process for customers.
About International Money Express, Inc.
Founded in 1994, Intermex applies proprietary technology, enabling consumers to send money from the United States, Canada, and Europe to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, and Europe; Company-operated stores; our mobile app; and the Company’s website. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.
Investor Relations:
Alex Sadowski
Investor Relations Coordinator
Tel: 305-671-8000
asadowski@intermexusa.com
About PickTrace Technologies Inc.
Founded in 2014, PickTrace is the leading workforce and harvest management solution for US specialty crop growers and farm labor contractors. The company provides cloud-based software solutions for ag employers to gain real-time visibility into their workforce’s efficiency and compliance.
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