SMS Remittance Service

From SmartMobs:

This article in the IHT looks at a "new text-based remittance service offered by Smart Communications, the Philippines' largest mobile phone company.The service, started last week, is said to be the first of its kind in the world".

The article goes on to explain that "Smart's remittance service works this way: A Filipino who is overseas will file his or her remittance in any of Smart's remittance partners, currently found in 17 countries: Travelex Money Transfer, Forex Hong Kong, Dax, CBN Grupo, New York Bay Remittance, Banco de Oro Universal Bank or Calsons.The remittance partner then sends a text message to the recipient in the Philippines, informing him or her of the transfer. The transfer will automatically be reflected in the Smart Money electronic wallet account embedded in the recipient's Smart mobile account".