Prósperos, the new banking systems with no commissions for remittance to Latin America, opens branch in Salinas

SALINAS, Calif., (KION-TV)- A banking platform is being launched in Salinas that seeks to break the mold of the traditional banking system. The founders claim that this revolutionary new bank offers check cashing and money transfer remittances services to Latin America without rate fees or service fees.

On Thursday, the new banking system opened its first branch on Alisal Street in Salinas.

Prósperos, according to the founders, is a unique mobile banking platform that aims to educate and provide immigrants across the country with access to free financial services to cash their checks and send funds to Latin America.

Founders Vinay Pai, a technology executive, and Salvador “Chava” Chavez, the son of farmworkers, started this project in the Bay Area community of Half Moon Bay, through a pilot program that included a little over a dozen prepaid cards.

In collaboration with the non-profit organization, Ayudando a Latinos a Sonar or ALAS, Vinay and Chava launched their pilot program. They visited the agricultural fields to hear directly from these workers about their concerns and financial needs.

Surveys and testimonials from farmers helped launch a bigger vision for the banking project, now known as Prósperos, the founders said.

“For me, it's very personal, I come from a family of immigrants, my dad when he came to this country, he had no financial services, so he had to go to cash his check and pay a percentage to cash it and send that to my mother in Durango, México," said Chavita.

According to the founders, their research revealed that money transfers to Latin America can amount to $1,000 a year. So they sought a way to issue prepaid cards, where users can eliminate fees for sending money to Mexico and other eligible countries.

In addition, the platform offers financial education resources to empower and support the traditionally unbanked community.

“We make money as card issuers, we don't charge the consumer, but when the Prosperos card is used, the merchant pays, and that's how we pay our commissions.”

Vinay Pai, Co-Fundador de Prósperos

Community advocates like Dr. Belinda Hernandez-Arriaga, Executive Director and Founder of ALAS, recognize the benefits of the new banking services.

“Prósperos is a bank rooted in building equity and strengthening the financial success of Latinos across the country,” said Hernandez-Arriaga. “Their commitment begins in the fields with our farmworkers and continues throughout the Latin American countries to which they send money. The founders have committed their lives to service and the creation of a new bank for the people.”