PayQuik is a web-based software product that enables individuals working throughout the world to transfer money home to other countries. Worldwide remittance is a $300 billion market growing at 10% per year, with fees commonly as high as 10% for a typical monthly remittance of $200. Widespread global internet access and a radically new demand for regulatory compliance in response to 9/11 broke the market open for challengers, who now include the world’s largest financial institutions and internet services companies. In 2001, PayQuik’s management team developed a Patriot Act compliant, scalable, ultra low-cost software that allows banks and agent networks to compete directly with industry leaders Western Union and Moneygram, whose combined market share is less than 30%.

PayQuik was acquired by CitiBank in January, 2008.