Yesterday, Transnational Institute for Grassroots Research and Action (TIGRA) announced an agreement with Dallas-based money transfer company, Virtual Money Inc., that will lead to new standards for the industry.

The agreement guarantees: (1) fair prices of at least 20% lower than the norm set by industry leaders like Western Union and MoneyGram; (2) adoption of socially-responsible screens on investments to ensure that resources do not foster further displacement of communities; (3) a customer service framework that values transparency, respect and non-discrimination; and (4) a commitment to genuine community reinvestment that allocates up to 10% of its pre-tax profits to sustainable development projects identified by local communities.

TIGRA’s director, Francis Calpotura says, “Today signals a new day for immigrants and their families around the world. A company has stepped up to say ‘We understand your aspirations. We are committed to your communities.’ and is willing to back this up with their money.”

Photos by Jorge Rivas