The Philippine remittance industry is in a state of flux and evolution. Rapid technological changes and the increasing convergence of information and communication technologies have given rise to new delivery platforms for financial services. The emergence of alternative modes for the delivery of remittances and the growing number of young techno-savvy professionals who seek employment abroad make it a strategic imperative to adapt to the new technology paradigm and the continuously-evolving requirements of customers. Technology solutions have also resulted in relatively reduced costs and faster services compared to conventional methods, thus, further fueling intense competition between new entrants with alternative business models and the traditional players.

iRemit continues to invest in its technology platforms to keep itself at pace with competition, strengthen operational capacities, improve risk-management systems, and provide a wider array of services to customers.

The Company recently acquired new servers and installed upgrades in its network infrastructure to improve data and voice-handling capabilities. It also rolled-out new application systems that aim to support its cash management and foreign exchange trading operations. Improvements were also implemented in the iRemit Foreign System, the backbone of its remittance services, for faster response time, improved accessibility, and better volume-handling capabilities.

The Company has capitalized on its technological platform to support business growth and to provide more services to OFWs. It has established host-to-host connectivity with strategic partner banks to greatly improve transaction speed. iRemit also became the first non-bank remittance company authorized by the Social Security System to provide electronic collection services for contributions and loan payments overseas.

An important aspect of iRemit's operation is the security of its information systems and resources. 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 physical and logical access controls. The Company's major application systems also have multiple security features to protect the integrity of applications and data.

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