Joint project between Tempo Money Transfer and Smith&Smith reached operational level planned

The joint project between France-based remittance operator, Tempo Money Transfer and Bucharest-headquartered, Smith&Smith, reached planned operational targets, the two companies said in joint statement.

Clients are now able to send funds from over 70 of Tempo’s locations in France and Germany and receive the money in more than 600 Smith&Smith’s locations in Romania and 90 locations in Moldova. Options are available for inbound transactions, cash-to-account and home delivery. Once online transactions are completed, clients will receive sms-notifications.

The project started in March of this year.

Smith&Smith and Tempo Money Transfer offer home delivery payment service “ACASA” for individuals. The service provides the payment of the amount ordered by the sender at the beneficiary address, in Romania, indicated by the sender. It covers 3100 cities, 95% of the Romanian population, in addition to Tempo's augmented presence.

“ACASA” services also offer increased comforts for beneficiaries, who will not have to travel to collect payments, amongst these beneficiaries will be the elderly.

“Romania and Moldova are very promising money transfer corridors. The joint venture has given eager incitement to the international development of the two companies,” said Mrs. Stela Dimofte-Stamboala, Smith&Smith administrator, “The target audience are Romanians and Moldovans, many of whom work temporarily in France, sending money to their families, as well as individuals who do business in Romania.”

Mr. Jeffrey Phaneuf, the president for Tempo Money Transfer, said that since the project’s launch, the building of the operational component of the business has successfully been completed on time.

“The partnership has created a platform to send money most secured, speedy and conveniently to their loved ones, through a legal channel which will eventually support the Romania and Moldova economies and the societies at large,” he said.

“Within a short period of time, we've managed to have the services recognised on a national scale, in preparation for large-scale operational capacities being put in place, we have intentions to further increase client portfolio and transaction volumes.”

“One of our work’s accents is on low transaction costs for wires. This makes for an effective decrease in the black market and brings transactions into the open, regulated sphere. This benefits the host country's economy and our customers,” the Tempo president said.

The two companies also revealed that the project may expand to Italy, Spain and UK, soon.

Tempo Money Transfer-Royal Exchange joint project reaches planned operational indicators in India. Ambitious plans to expand internationally announced

A joint project in India between Paris-headquartered remittances provider, Tempo Money Transfer and US-based company, Royal Exchange reached planned operational indicators, the two companies said in a statement.

The collaboration started in February 2015. The goal of the project is to provide the clients with high quality and affordable remittances from Germany and France where Tempo operates through its agent network, to India. 

Royal Exchange is one of the leading companies operating in the Indian remittances market. It operates its own network of over 4,500 branches and partners with 3 large financial institutions, comprising of some 7,000 locations.

The two companies said in the statement that clients are now able to collect funds sent through Tempo’s locations in Germany and France, in over 11,000 Royal Exchange locations across the country.

The network covers all cities and towns, as well as large settlements throughout India.

“We provide customers with quality service of the highest standards. All of our clients are being treated with the highest class of service and support in the comfort of an office atmosphere. We are continuously developing the network and furthermore, branches are added to the network every week,” said Mr. Mathew Joseph, COO for Royal Exchange.

The president for Tempo Money Transfer, Mr. Jeffrey Phaneuf said the Indian market shows great potential and so does the project.

“Within a short period of time, we have managed to have the services recognised on a national scale in preparation for large-scale operational capacities, being put in place, we have intentions to further increase client portfolio and transaction volumes,” he said. 

The companies reported that their cooperation is following an ambitious path.

In India, Tempo Money Transfer and Royal Exchange plan to introduce sms-notifications and account-crediting.

Also, the project is expected to expand its geography. Operations may soon start in the US and Middle East.

“We see great value in cooperation and are diligently working on furthering the number of locations and countries of operation,” Mr. Phaneuf said.

Tempo Money Transfer currently operates over 170 000 locations in more than 100 countries.

The number of agent locations exceeds 70 in Germany and France.

Tempo Money Transfer President and Head of Remittances for Sampath Bank met in Paris

Tempo Money Transfer President and Head of Remittances for Sampath Bank met in Paris 

President for France-based money transfer service provider, Tempo Money Transfer,  Mr. Jeffrey Phaneuf and Head of remittances for Sampath Bank, Mr. Kusal De Silva held a meeting in Paris.

The two companies started collaboration in July of this year.

The joint project enables clients to send money from over 70 Tempo agent locations in Germany and France and receive the funds from any of the 223 branches of Sampath Bank in Sri Lanka instantly.  Sampath Bank has 12 super branches located in main cities which are opened for 365 days from 8.00am to 8.00 pm.

The project gives clients access to a multi-product spectrum of services, including the Instant Cash Pay-out and crediting of Sampath bank Accounts as well as account crediting of  account of  any other banks in Sri Lanka through SLIPS (Sri Lanka Interbank Payment System).

The alliance gives clients access to very competitive foreign currency exchange rates. During the meeting both parties expressed their satisfaction with the results of the initial success of the project.

“Within a short period we have managed to establish an efficient, secured and reliable network backed by excellent service standards. The new partnership has created a platform to send money most secured, speedy and convenient way to their loved ones through a legal channel which will eventually support the Sri Lankan economy and the society at large.” said Mr. Phaneuf.

Mr. Kusal De Silva said: « The new partnership between Sampath Bank and Tempo will give Sri Lankan Migrant Community in France and Germany an opportunity to send money instantly to Sri Lanka and beneficiaries could receive Cash through the 223 branches of Sampath Bank within 5 minutes. In addition to that beneficiaries could also receive inward remittances directly to their mobile and withdraw from Sampath Bank ATMs without a card around the clock provided they have a prior registration with Sampath Bank to avail this service. Further he said they look forward to provide a excellent service to Migrant community through this new partnership.»

During the course of the meeting, the both parties have jointly agreed to drive the business using the technology for the customer convenience. 

Mr. Phaneuf said that  Tempo Money Transfer has been very active in the Asian region. Tempo customers has an option of obtaining cash  over 400 ATM locations in 25 regional districts and 9 provinces in Sri Lanka. It also has 7,000 locations in India, nearly 2,000 in Pakistan, and close to 6,000 locations in the Philippines. The number of locations in Nepal exceeds 1,800.

A recently completed, project in China increased the number of locations by 17,000.

“Tempo’s team is dedicated to providing excellent customer service, through extensive location coverage, a broad spectrum of options and excellent quality service. Our priorities are European quality and reliability with an accent on low transaction costs for wires. This makes for an effective decrease in the black market and brings transactions into the open, regulated sphere. This benefits the host country's economies and our customers, giving new space for services at affordable rates,” Phaneuf said. 

Tempo Money Transfer’s president and Uttara Bank CEO held meeting in Paris. Plans made for further project development

CEO and managing director for one of Bangladesh's leading financial institutions, Uttara Bank Ltd., Mr. Shaikh Abdul Aziz, visited the headquarters for international money transfer system, Tempo Money Transfer, in Paris. He and president of the France-based company, Mr. Jeffrey Phaneuf held a prolific meeting.

The two financial institutions started a joint project in June of this year. The collaboration enables clients to receive money sent from TMT’s locations in France and Germany, in Uttara Bank’s branches in Bangladesh. Uttara Bank Limited operates through more than 200 online branches, spread across urban and rural areas, with potential business points within Bangladesh.

The project has become a significant milestone in the local money transfer market, given there has been a great increase in demand for quality remittances services, not only locally, but also internationally.

During the meeting, both parties expressed satisfaction with their growing co-operation and noted the project has reached the planned operational indicators.

Tempo Money Transfer services are now available in 223 Uttara Bank branches, throughout the country. Clients can use a cash-to-cash option and/or account-crediting also. The set of services includes SMS-notifications and notifications over the phone to the beneficiary. 

Both parties agreed the project has proved its importance and potential. 

“During the meeting, we agreed that when all operational capacities are established, it is time to move on, increasing client portfolio and transactions. We have worked out a plan to reach our goals,” said Mr. Phaneuf.

Mr. Shaikh Abdul Aziz said that the plans to drastically step up the volume of transactions has a great chance of success.

“The demand for remittances services of high standards is growing [in Bangladesh] and client portfolio is increasing. These two important factors together with Uttara's strong position in the country, create solid ground for the financial indicators to soar,” said the CEO for the Bangladeshi financial institution.

Tempo has over 70 locations in France and Germany, focusing on outbound transactions. 

It continues to actively develop it's partnership network in Asia. 

The company recently reported its successful completion of projects and has launched transfers to Pakistan, Sri Lanka, Nepal and India, as well as the Philippines and China.

Tempo Money transfer issued Q3 results. Over 170,000 locations in more than 100 countries

The Paris–headquartered money transfer provider, Tempo Money Transfer published its operational results for the third quarter of 2015.

The company reported a growth in its operational component. The France-based company said the number of locations it currently operates, exceeded 170, 000.

Tempo Money Transfer is now present in more than 110 countries.

Its president Mr. Jeffrey Phaneuf reports that in the July-September period, the company completed large-scale projects in Asia and Africa.

He affirmed July’s successfully completed, large-scale integration project, now sees Tempo and Chinese banking sector giant, ICBC, enabling clients to send money from TMT’s locations across France and Germany, receiving funds in over 17,000 ICBC locations across China. This integration is not limited to ICBC, in whose branches cash-to-cash, cash-to-accounts and card crediting are available.

In September, Tempo Money Transfer strengthened it position in Sri Lanka. The company successfully completed an joint project with the Colombo-headquartered financial institution, Sampath Bank. Clients are now able to send money from over 70 TMT agent locations in Germany and France and receive the funds in branches throughout Sri Lanka. The total number of branches exceeds 200, island-wide.

In the third quarter of 2015, Tempo Money Transfer started operations in 6 African countries.

The project completion opened 1000 new locations in Senegal, 500 in Guinea, 50 in Nigeria, 20 in Gambia and Siera Leone. Operations also started in Mauritania.

“Development of money transfer corridors in Africa is an important task given how much the population in the vast number of countries [within the continent] depends on the money, their loved ones send from Europe”, the president for Tempo Money Transfer, Mr. Jeffrey Phaneuf said.

The company made important steps to significantly build on its activities, in North America, particularly in the US. The France–based company registered its trademark for international remittances through the international trademark system, World Intellectual Property Organization.

Tempo currently operates some 450 locations in the US via a partner payout network. The trademark registration is yet another step forward, manifesting the company's eager plans to explore the segment.

Previously, Tempo Money Transfer registered its trademark with the Office of Harmonization in the Internal Market (OHMI).

“One of our goals is to lower the transaction costs for wires, to effectively decrease the black market and bring transactions into the open, regulated sphere. This benefits the host countries’ economies and our customers. Our strategy is to provide the highest quality standards. The size of the network and proximity to a Tempo Money Transfer location, are important parameters,” said Mr. Phaneuf.

Tempo’s main assets include a pan-European money transfers license, issued by the Bank of France in 2011, state-of-the-art IT-infrastructure, as well as its team having collective work experience of 30 years.

Tempo Money Transfer increases its activity in North America. Trademark registered in US

Tempo Money Transfer plans to significantly build up its activity in North America, particularly in the US. The France – based company just registered its trademark for international remittances through the international trademark system World Intellectual Property Organization.

The Paris-headquartered service provider, which already operates some 450 locations in the US, believes North America hosts enormous potential.

“Stimulated by the national diversity and stable economy, the US remittances market is reaching new heights and we expect it to grow further. The trademark registration is yet another step forward, manifesting our eager plans to explore the segment,” said Mr. Jeffrey Phaneuf, the president for Tempo Money Transfer.

Previously the company registered its trademark with the Office of Harmonization in the Internal Market (OHMI). 

Tempo’s trademark registration follows other important events. This year the company completed significant integration projects in China, Sri Lanka, Nepal, Pakistan, as well as 6 African countries.

“The registration of Tempo Money Transfer as a trademark will be beneficial to our clients, to whom we provide European standard service. Trademark registration is yet another milestone in our development, given Tempo is actively implementing its full-scale international partnership program globally,” Mr. Phaneuf said.

One of the most ambitious money transfer market players in the EU field, Tempo Money Transfer operates in over 100 countries worldwide. Its services are available in over 200 000 locations. Its main assets include a pan-European money transfers license, issued by the Bank of France in 2011, state-of-the-art IT-infrastructure, as well as its team having collective work experience of 30 years.

From an investor point of view

With a wide variety of experience in both the private and public sectors, in remittances, payments and markets, Kai is expertly positioned to describe the ‘lay of the land’ as far as the international payments space is concerned. He understands the key issues from the position of both development agencies and money transfer operators – in his current role at the IFC, he has exposure to many businesses that are seeking funding or investment.

 “I believe in 10 years money transfers in most developed send markets will mostly be an electronic and mobile centric self-service. In the major markets we will have at least ten large online/mobile providers and a very large number of small ones. Providers of P2P remittance platforms will be regulated and occupy a small but meaningful niche.  Banks, especially from the receive countries, may play a larger role than we believe today and social networks maybe a much smaller one. Europe will be much more competitive than the US and prices overall will be significantly lower than today.

In receive countries cash and account payments will be split, the usage of ATMs more dominant than mobile wallets. Regional and domestic smaller transfers however are in my opinion likely to be dominated by wallets.” – Kai Schmitz

Kai’s presentation at GMTS 2015 balanced analysis of the current state of the money transfer industry with expectations for future trends. The session began with a note of caution regarding data that indicates ever increasing migration and corresponding growth in remittances. He was optimistic on the topic of the current widespread closures of MTO bank accounts however, noting that a risk-averse attitude from the banking sector was in many ways preferable to increased competition in the remittance space. 

Schmitz called attention to increasing competition, claiming that:

“Pressure on margins in the traditional sector can only get stronger, it will intensify a lot… Something needs to happen. I don’t think we can keep competing on price.”

Schmitz then answered questions from the audience on the topic of shifting trends from traditional to digital offerings, by putting an emphasis on consumer culture and attitudes towards digital transfers.

“Trust is probably a much bigger issue than getting someone to use their mobile… [but] the barriers are not that high”

For more information, please visit: www.iamtn.org

IAMTN recognizes Ria and Azimo as top Money Transfer companies during 10th Annual Global Money Transfer Summit at London’s Technology Accelerator

Ria Money Transfer wins Money Transfer Award in the Traditional Model category
Azimo named winner of Money Transfer Award in the Digital Model Category

London, United Kingdom, – September 28, 2015 – The International Association of Money Transfer Networks (IAMTN) having held the 10^th Annual Global Money Transfer Summit on September 14-15, have recognised two remittance industry leaders as the best in their categories at an award ceremony held in London. The companies were awarded on the basis of superior innovation and strong business sustainability, and selected from a pool of more than 100 organisations. 

The two-day event, which attracted a range of payments industry professionals, was held at Level39 in Canary Wharf – a recognised Fintech hub and technology accelerator – for the second consecutive year. 

Ria Money Transfer received the Money Transfer Award in the Traditional Model category, while online money transfer company Azimo received the Money Transfer Award in the Digital Model category. The awards were accepted by Ria’s MD for EMEA & South Asia, Sebastian Plubins, and Azimo’s CEO and Founder, Michael Kent, respectively.

IAMTN’s Chairman Mohit Davar said: “Digital money transfer companies like Azimo are rapidly disrupting our multi-billion dollar industry. Azimo was a clear winner in its category as in three short years, it’s built a truly global network and scaled exponentially. With its founding team’s expertise, Azimo will only continue to scale at a rapid pace.”

Co-Founder and CEO of IAMTN, Veronica Studsgaard, commented: “It is a pleasure to offer Ria the recognition they deserve in the Traditional sector. Ria have a proven track record of gaining considerable market share while remaining focused on their core values of putting customers first. Sebastian Plubins’ acceptance speech, calling attention to the support that our industry provides to individuals and families worldwide, was a wonderful example of that perspective.”

Azimo’s CEO and Founder Michael Kent, added: “We’re in an industry that is making a huge impact on the world by bridging the gap between migrants and their families. Up against a field of global players, being selected for this award by our peers is an honour and a testament to the hard-working Azimo team that puts our customers at the heart of everything we do.”

According to the United Nations, there are nearly 250 million international migrants in the world and another 750 million domestic migrants. Many of these people need to send money back home to their loved ones in a secure and affordable way and use money transfer companies like Ria and Azimo in order to do so.

In 2014, the World Bank reported the remittance industry was responsible for moving more than USD $583 billion, with approximately $440 billion flowing to developing economies.  

About IAMTN: 

The International Association of Money Transfer Networks is the only global international trade organisation that represents Money Transfer Industry / Payment Institutions providing cross border payments. Founded in 2005, provides a platform for industry partners to come together to discuss common challenges, industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations, payments stakeholders, and individuals to create the most effective, safe, reliable, and efficient payment system possible. For this purpose, IAMTN represents and defends the common interests of its members and works on removing the obstacles that prevent institutions from implementing their activities. IAMTN is a member of the Action Group on Cross Border Remittances set up by the UK Government.

About Ria:  

Ria is a global leader in money remittances and is a recognised benchmark in both quality and service. Ria initiates transfers through a network of sending agents and company-owned stores located throughout North America, Latin America, Europe and Asia-Pacific as well as online from the United States at www.riamoneytransfer.com  

Ria’s current global network spans 147 countries with services in over 272,000 locations. Ria is steadfast in its commitment to customers and remains ingrained within the communities in which they live. For more information visit www.riafinancial.com and www.riamoneytransfer.com 

About Azimo:

Azimo is a London-based digital money transfer service, changing the way people send money around the world. Honest, transparent and social, Azimo is the cheapest and easiest way to send money to 195 countries across the world, from any internet connected device. For more information, visit www.azimo.com or @azimo on Twitter and Facebook.

For further information regarding this release, please contact IAMTN at: office@iamtn.org.

Global Money Transfer Summit 2015

 

Annual GMTS 2015 conference held in Canary Wharf, London, brings together money transfer executives from around the globe.

London – September 17th 2015 – The International Association of Money Transfer Networks is pleased to report the resounding success of its 10th GMT Summit. The summit regularly attracts top money transfer executives from around the world to hear insights from a stellar speaker line up composed of established industry leaders and innovating newcomers. GMTS2015 was kindly sponsored by: Ria Money Transfer, MoneyGram International, Wall Street Exchange, Tempo Money Transfer, Instant Cash and Jumio.

  
The two-day conference was held on 15th and 16th of September at Level39, Canary Wharf, London and included the presenting of IAMTN’s 2015 Money Transfer Awards. The Money transfer Awards 2015 were presented by Mrs Veronica Studsgaard, Co-Founder & CEO of IAMTN, and Mr Mohit Davar, Chairman of IAMTN. The winners of the Traditional Model category was presented to Ria Money Transfer, Mr Sebastian Plubins, Managing Director EMEASA, received the award. The Digital Model category was presented to Azimo, Mr Michael Kent, Founder & CEO of Azimo received the award.

  
The first day began with a general overview of the industry by a well-established figure in the Fintech landscape – Kai Schmitz of the IFC. With a wide variety of experience in both the private and public sectors, in remittances, payments and markets, Kai is expertly positioned to describe the ‘lay of the land’ as far as the international payments space is concerned. He understands the key issues from both the position of development agencies and from the money transfer operators as well.  In his current role with IFC he looks at many businesses that are seeking funding or investment.Offering a note of scepticism with respect to the reported growth figures, Schmitz predicted substantially intensified competition in the near future, particularly in Europe rather than the U.S.

  
Following the broad perspective offered by Mr Schmitz, a panel of companies associated with the traditional remittance model took to the stage to discuss the challenges and opportunities presented to their segment of the market. The panel presenters were Sebastian Plubins, Managing Director (EMEA & South Asia) at Ria Money Transfer; Marc Matthews, Senior Regional Director (UK & Ireland) at MoneyGram International; and Jeremy de Smet, COO at Moneytrans. The outlook presented was an uncompromisingly positive one, with all the panellists arguing for the continued perception of the traditional model as the overwhelmingly dominant one within the industry.

  
 The next panel was presented by five leading players in the mobile space, which despite the huge interest, still only accounts for a small segment of market share. The panellists were Tom Heeremans of Transfer-To; Ammara Batool of Mobilink; Alix Murphy of WorldRemit; Rajiv Bathia of Ericsson; and Stephen Doyle of Homesend.

  
In the afternoon session, one of the most respected figures in the industry and is often the ‘go-to’ person for a range of media. Dilip Ratha, presented on the state of the remittance industry. Ratha is Head of the Migration and Remittances team at the World Bank. There was a particular focus on practical solutions to the myriad challenges faced by both Money Transfer operators and countries in the developing world.

  
The second day began with a lucid explanation from Daniel Marovitz of Earthport on the invariably mystifying topic of cryptocurrency. Combining his strong grasp of the technical and theoretical aspects of digital currencies with his expertise in cross-border payments, Marovitz outlined the ways in which cryptocurrency could influence the future of the industry. The cryptocurrency theme continued with a panel later in the day, presented by Bitpay, the Bitcoin Foundation, and CCEDK. Other notable presentations approached the topics of disruptors, and the role of Post Offices in today’s cross-border payments world.

  
Other notable events at the summit included a presentation of the recent 4th Money Laundering Directive by Dr Thaer Sabri, CEO of the Electronic Money Organisation, and the official unveiling of CCEDK’s new cryptocurrency-based payments platform OpenLedger .

  
The main conclusion was clear, the industry is adapting to the challenges it is facing today, competition is getting stronger and banks and mobile operators are also willing to enter this industry, but it is also clear that it is not about digital, or traditional, or mobile, or even cryptocurrencies. Let’s not forget it is all about the customer and we should never guess or underestimate the customer. 

IAMTN will host the next Global Money Transfer Summit in 2016, with further details to be announced later. The growth of the industry is as swift as the technological development that supports it, and as such, each year brings increased interest in the remittance space. For more information, please contact IAMTN at iamtn@iamtn.org

GMTS 2015 - Where do you see the industry headed in 10 year's time?

Michael Kent, whose company Azimo recently won an IAMTN money transfer award at the GMTS, shares his thoughts and insights into the future of the remittance industry

2025: The Fintech industry comes of age

Michael Kent, CEO and Founder, Azimo

Before you can know where you are going, you need to first know where you have been.

When I started my first money transfer company back in 2005, we were living in a world where the latest Nokia smartphone was as hip as the iPhone 6S, internet was painfully slow and most of us still bought CDs.

Today, we live in a world of hyperconnectivity, where the way we live, work and interact with each other, especially remotely and across borders, has fundamentally changed thanks to digital, mobile and social technology. By 2020 there will be 6 billion smartphone users worldwide – close to the number of people on the planet. That’s nearly everyone, online, all the time.

These changes are resulting in a huge shift in the way that people interact with their money: lending, borrowing, sharing, donating, paying and getting paid. This is especially true when it comes to how money is moved around the world. In the remittance sector the new ‘Fintech’ players are driving lower prices, greater accessibility, more convenience and putting customers back in control. In turn that’s breaking down the financial barriers between countries, shifting value from large institutions to customers and breathing new life into developing and emerging economies.

But while we’ve come a long way, we’re only at the tipping point and I predict that the next ten years we’ll see the payments and in particular the remittance industry change beyond all recognition. They say it’s tough to make predictions, especially about the future, but by 2025 here’s how I see it all playing out:  

• R.I.P. Offline: Money transfer stores will all but disappear from the high street, with 90% of remittance senders in Europe and USA using a smartphone to send money abroad. 
• Mobile Wallets will become ubiquitous: Nearly 2 billion more people will have smartphone centric mobile wallets in Africa and Asia putting them financially on grid. However cash will not disappear. Users will still be need to be able to freely cash-in and cash-out and I predict over 50% of remittance will still be sent to cash
• Social-first money transfers: Sending money will be fully integrated with messaging and chat (FB messenger, WhatsApp, Viber, WeChat, Hangouts etc). Sometimes those services will be native, sometimes they will be offered using third parties
• Instant everything: The always-on consumers emerging today will not accept anything less than ‘instant’ in 2025: three to five day delivery timescales just won’t cut it anymore. Speed matters especially when it comes to money. It’s already forced companies to reinvent their business models, those that fail to adapt won’t survive the next ten year. 
• Blockchain technology will rapidly change the remittance backend: Blockchain and distributed general ledgers will go mainstream but only for corporate and institutional users as a means to speed up international delivery of funds in place of services like SWIFT. However mainstream consumer adoption of crypto currencies like bitcoin won’t happen – the regulators wont let it. 
• Consolidation: The rising tide of regulation and high step costs of technology will mean that the money transfer market will continue consolidate. We’ll see mega-mergers of the traditional players (like the rumored Western Union/Moneygram tie up) as well as more high profile acquisitions of digital businesses (like the recent Xoom / PayPal deal) 

Tempo Money Transfer strengthens positions in Sri Lanka. Collaboration with Sampath Bank has commenced

International money transfer system Tempo Money Transfer (TMT) strengthened it position in Sri Lanka. The France-based remittance service provider has successfully completed an integration project with the Colombo-headquartered financial institution, Sampath Bank. Clients are now able to send money from over 70 TMT agent locations in Germany and France and receive the funds in branches throughout Sri Lanka. The total number of the branches exceeds 200 island-wide.

Thus, with the project's successful completion, the number of Tempo Money Transfer locations in the country has soared to nearly 400, in 25 regional districts and 9 provinces of the country. The bank already works in partnership with Seylan Bank.

The project gives clients access to a multi-product spectrum of services including not only the pay-out option and account-crediting in Sampath Bank but also account crediting in the country’s commercial banks through SLIPS (Sri Lanka Interbank Payment System).

Very competitive foreign currency exchange rates are available.

“Accordingly, the Bank has taken major revolutionary steps to make remittance withdrawal facilities available for beneficiaries around the clock, so that senders and beneficiaries can send and receive money at their will without confining to Banking hours, unhindered by cross-border time differences. With the latest E - Remittance to Mobile Cash facility, customers can receive a transaction pin number to their mobile phones and withdraw from ATM machines without an ATM card, using the PIN number received to their mobile, subject to a pre registration of the beneficiary with the bank,” said Mr Kusal De Silva, head of remittances at Sampath Bank. He also pointed out that with the project's further development, the bank expects to increase its client portfolio, given the position Tempo Money Transfer occupies in the remittances market of the EU.

TMT’s president Mr. Jeffrey Phaneuf said the Paris-headquartered company has ambitious plans in Asia. “We are dedicated to reaching extensive location coverage, broad spectrum of options and excellent quality service, we will provide our clients with. It gives the joint venture great perspective, and makes the project a significant event in the Sri Lankan money transfer segment.” He also added that the demand for quality remittance services is growing in the country in particular and in Asia in general.

Mr. Phaneuf reported that Tempo Money Transfer is now present in over 100 countries, has over 4,300 locations in India, nearly 2,000 locations in Pakistan, and close to 6,000 locations in the Philippines. The number of its locations in Nepal exceeds 1,800.

Money Services in the Coming Decade

Money Services in the Coming Decade

You’ve Got to Treat it Like a Lady.

So my friends, now there you have it

I said it’s the easy simple way

Now if you fail ta do this

Don’t blame her if she looks my way

‘Cause I’m gonna treat her like a lady…

‘Money goes where it is treated best’, as the saying goes – and there have never been better ways for courting it than those emerging today. We think a lot of that money will be on the move in the coming decade, seeking much better treatment.

Transporting money around the world has always been an iffy proposition. If ancient highwaymen and pirates didn’t rob your gold by the sword or pistol, some modern coalition of politicians, banksters, hackers and regulators will find a subtler way to lighten your wallet through inflation, bail-ins, rehypothecation, predatory taxation, capital controls and other forms of legalized theft.

Historically, there hasn’t been much the average person could do about this – but history is about to change. Transparent, incorruptible, irreversible, peer-to-peer open ledgers are the exciting new way to treat your money better! It’s the next megatrend, driven by the flight of capital from the rampant lawlessness creeping rapidly into the current financial system.

Cutting out the middlemen

Open ledgers cut out the middlemen where most of this mischief occurs.  Decentralized, robotically honest software running everywhere – the only place it can’t be corrupted – will take the place of those middlemen, ultimately providing most forms of financial services with a far faster, fairer, friendlier, freer, and more fastidious quality of service.  

Bitcoin started it all a few years ago with the ability to confirm currency payments anywhere in the world in one hour instead of the many days it can take the current financial system. Three techno-generations later, BitShares offers an industrial strength network of digital asset exchanges, able to execute most familiar financial transactions in one second – and scaling to hundreds of thousands of transactions per second. Ethereum, Identabit, MUSE, NXT, and an alphabet soup of other innovative start-ups are exploring ways to disrupt every erstwhile centralized industry from finance, music, gaming, and even polling and public elections.  

OpenLedger

This month, CCEDK.com and Cryptonomex.com are unveiling OpenLedger on the peer-to-peer BitShares Exchange Network. Our competitors and partners are joining us because, well, it’s an open ledger that even we don’t own! There will be six such members from six countries, with six diverse business models when the curtain goes up on October 13. Each member gets the profits from its own customers while offering them the benefits of shared market depth and the ability to leverage the financial products and services of all other members. These include smart coins, smart contracts, collateralized bonds, financial derivatives, prediction markets and user-issued assets ranging from stocks to coupons to tickets to frequent flier miles.

And yet none of these members represent a counterparty risk to their customers, because their customers always keep cryptographic control of their own assets, even while their funds are sitting on the decentralized exchange or moving around the network.  Multi-signature safeguards you can design for yourself will virtually eliminate vulnerabilities to hackers, dishonest employees, and rogue governments.

Unprecedented use cases

Member companies can now team up without negotiating, contracting, or even knowing each other. A farm worker in the Philippines can feed pesos into an ATM machine from one network member, and his wife in Kosovo can buy groceries in Euros with it seconds later on an unknown partner’s debit card. The next decade will see a Cambrian explosion of frictionless, disruptive economic opportunities in which the current gatekeepers must play nice or simply be bypassed.

Or consider this scene. Stock exchange broker Joe is sitting at his PC in Toronto, Canada. He can now trade on stock markets across the entire world due to OpenLedger and its financial platform for cryptocurrencies. He has closed some great trades and made a great deal of money. He decides to send part of this to his family back in Indonesia. With the click of a button the money is now in his wife’s bank account, thanks to collaboration between a crypto service and a global remittance company, ready for her to do with as she wants. He then decides to go downtown to cash out a few Canadian dollars with his NanoCard, using the same card an hour later to pay for his dinner at the local Sushi restaurant. All funds for trading and spending originate as BITUSD from his OpenLedger wallet. This is located on the blockchain, and BitUSD funds all of his costs instantly – when a transfer is made, when cash is withdrawn from an ATM, and when he pays the restaurant. In each case, his wife can even receive an SMS for her to confirm according to the integrated multi-signature account procedure – ensuring that Joe doesn’t overspend even if trading is going well! 

The coming decade

So www.OpenLedger.info is only a glimpse into the early stages of the coming decade. It will be a time of instantaneous, almost free transactions across incorruptible, transparent, open public networks that respect and guarantee individual property rights with the rule of law directly encoded into their open source software. Many of today’s biggest players will try to dominate this new financial medium with their own proprietary networks. But the mere act of owning such a network robs it of its incorruptibility and renders it useless to everyone else.

The future of money is open, incorruptible, secure and private. It will not be a system that anyone can own.  With apologies to Neil Young and Linda Ronstadt…

Here is a rose but you better not pick it

It only grows when it’s on the vine.

A handful of thorns and you’ll know you’ve missed it

You lose your role when you say the word ‘mine’.

For more information feel free to contact CEO Ronny Boesing of CCEDK.com on ronny@ccedk.com or visit the website www.OpenLedger.info  to read more and to sign up or even https://www.ccedk.com/nanocard for more information on the World’s first real Bitcoin Debitcard NanoCard

Hyperlink used: NanoCard - http://www.forbes.com/sites/rogeraitken/2015/07/16/is-the-nanocard-bitcoins-killer-app-can-it-transform-the-global-remittance-market/

Tempo Money Transfer sponsors GMTS 2015

The France-based remittances provider Tempo Money Transfer will sponsor the GMTS 2015 conference.

The Global Money Transfer Summit 2015 will be held on 15-16 September in London. It is a significant event in the international remittance arena. The event is aimed at executives and other money transfer professionals, as well as consultants, lawyers, investment bankers and IT-solution providers, working with or interested in the remittances industry.

The forum is organized by the International Association of Money Transfer Network. The organization that now celebrates it's 10th year anniversary, has made a significant contribution in the formation of the transparent and efficient global money transfer market.

This year's Global Money Transfer Summit is focused on the opportunities for success in all aspects of the remittance business moving forward, using the lessons of recent history.
It will bring together leading players in the market and representatives of financial institutions, whose work is to some extent related to the money transfer market.

The list of active participants includes particularly the World Bank, MoneyGram International, Ria Financial. Tempo’s president Mr. Jeffrey Phaneuf and CIO Anthony Barker will present the company at the conference. “It is a part of our strategy to actively participate in conferences and forums, in the money transfer field. Participation gives us unique opportunities to learn, share our experiences, find new potential partners and more closely follow the trends in the fast changing remittance market,” said Phaneuf.

This year Tempo Money Transfer participated in the forum Remittance Gateway to Africa 2015, organized by the International Association of Money Transfer Network. The conference took place in Marrakesh, Morocco on 14 to 16 of May.

One of the most ambitious money transfer market players in the EU field, Tempo Money Transfer operates in over 100 countries worldwide. Its services are available in over 200 000 locations, offering its clients services of genuine European standards.

A Tempo Money Transfers store operates in Paris’ business district, while in Europe the services are provided runs through almost 70 agents.

Tempo Money transfer published H1 results. Over 150000 locations in more than 100 countries

The France-based money transfer provider, Tempo Money Transfer reported significant growth in its operational component. The Paris-headquartered company said the number of locations it currently operates exceeds 150,000.  

The number of countries, Tempo Money Transfer is present is currently over 100. 

Its president Mr. Jeffrey Phaneuf reported that in the first half of the year, the system completed a large-scale project in China. In the PRC, the number of locations soared to more than 17 000.

In the region, Tempo also provides pay-out services in Bangladesh, Nepal, India, Pakistan, Philippines and Sri Lanka. 

In Africa, it is present in 27 countries, in South America (6 countries).

Mr. Phaneuf reported, within the first 6 months of the year, the system increased its product range. 

Thus, in collaboration with global electronic payment network iSend, the France-based money transfer operator has recently enabled clients to top up their mobile phones globally, at service locations. Money paid in Tempo Money Transfer locations can recharge cell phone credit in 80 countries throughout the Americas, the Caribbean, Africa, Europe, the Middle East and Asia, including India and Oceania.

He said the company offers its clients account-crediting, sms-notifications and home delivery. 

Tempo’s president also reported, in Europe, the number of the agent locations where the clients can send money, grew to 100 from 70 (at the end of 2014).

Mr. Phaneuf confirmed Tempo opened retails stores in Paris and in Frankfurt. 

The Paris shopfront is conveniently located in the vibrant 10th district near the Gare du Nord and Gare de l’Est central train stations, at 89, Magenta Blvd., an area renowned by foreign travellers and financiers, alike. The branch features 4 cash counters and a client-friendly layout.

“Our strategy is to provide clients with the highest quality standards. The size of the network and the proximity to a Tempo Money Transfer location, are important parameters. So we plan to gradually step up this component of development,” Mr Phaneuf said.

He also said that Tempo Money Transfer considers its services an important financial inclusion for lower income people, globally.

“We consider, as one of our priorities, to lower the transaction costs for wires to effectively decrease the black market and bring the transactions into the open, regulated sphere. This benefits the host country's economies and our customers,” Phaneuf said.

Tempo Money Transfer joins China's market. Large-scale integration project with Chinese giant ICBC completed

International money transfer system Tempo Money Transfer (TMT) and Chinese banking sector giant, ICBC have successfully completed a large-scale integration project. 

It enables clients to send money from TMT’s locations across France and Germany, receiving funds in over 17,000 ICBC locations across China. This integration is not limited to ICBC, in whose branches cash-to-cash, cash-to-accounts and card crediting are available. Account crediting and card crediting (CUP, Visa, Mastercard) are also available in over 40 other Chinese bank branches. Thus, the project covers the country's entire financial sector.  There is rapid demand for quality money transfer services from Germany and France to China, growing annually. 

The currency of the transfers is Euro. In the case of cash-to-cash transfer, notification services are available by phone.

The president for the Paris-headquartered company, whose services are available in over 70 locations in Germany and France, Mr. Jeffrey Phaneuf said "the project manifests the great achievements, Tempo Money Transfer has made, not only in the European continent, but also globally".

“China is a country where the remittance market has enormous volumes and potential. Given the scale of the segment and ICBC's position in the market, we believe the project has significant meaning to the global money transfer market. For more than a year, we have been working on building up an international component of the business. The completion of the project with ICBC, means we are gaining significant results in this area,” 

He reported that due to the realisation of the project's success, the number of TMT’s locations has soared to nearly 32,000 in Asia.

The Paris-headquartered operator has over 4,300 locations in India, nearly 2,000 locations in Pakistan, and close to 6,000 locations in the Philippines. The number of locations in Nepal exceeds 1,800. Tempo Money Transfer now operates in over 100 countries.

Tempo Money Transfer launches remittance services to Bangladesh, teaming up with Uttara Bank Limited

The France-based remittance provider Tempo Money Transfer and one of the leading Bangladeshi financial institutions, Uttara Bank Limited have successfully completed joint collaboration project. 

This enables clients to receive the money sent from the TMT’s locations in France and Germany, in Uttara bank’s branches in Bangladesh.

Currently, Uttara Bank Limited operates through 223 online branches spreading over the urban and rural areas with potential business places of Bangladesh.

Clients can use not only cash-to-cash option but account-crediting also. The set of services includes SMS-notifications and notifications over the phone to beneficiary.

Both parties believe that the joint project has great prospect. 

The Managing Director and CEO of Uttara Bank Limited, Mr. Shaikh Abdul Aziz said that the demand for quality remittance services is on the rise in Bangladesh and the 50+ year old Uttara Bank Limited has already created a distinct and reliable position among the clients for its quality remittance service in particular.

“A lot of Bangladesh nationals are living in Europe, particularly in France. The amount they send to their friends and families in Bangladesh is growing from year to year.

That is why we trust that the project is going to be beneficial to both parties.” 

Tempo Money Transfer operates over 70 locations in Germany and France.

The president for the Paris-headquartered company Mr. Jeffrey Phaneuf said that Bangladesh has been one of the most attractive markets in Asia.

He added that the company is currently carrying out very active development in the region.

Mr. Phaneuf reported that recently Tempo Money Transfer successfully finalized projects and launched transfers to Pakistan, Sri Lanka, Nepal as well as the Philippines. 

Tempo Money Transfer’s services are now available in over 10,000 locations in Asia.

“This year, we plan to keep increasing the rates of our international development, reaching new operational and financial heights.”

Tempo Money Transfer and MCB launch remittances from France and Germany to Pakistan

International Paris-headquartered remittances service provider, Tempo Money Transfer (TMT) and one of Pakistan's leaders in the banking sector, MCB bank have successfully launched their money transfer services between Europe and Pakistan.

The project completion gives clients the opportunity to send funds from one of Tempo Money Transfer's locations in Germany and France, to recipients at one of MCB's service locations in Pakistan.

Tempo Money Transfer’s services are available in 70 agent locations in the EU. In addition to this, the France-based system operates one fully licensed retail store in central Paris. 

Clients can pick cash up, once sent with Tempo Money Transfer in one of over 1, 200 MCB branches across Pakistan. The bank operates nationwide, in all provinces and cities including Islamabad, Karachi, Multan and Lahore. Upon request, funds sent, can be credited to the beneficiary’s bank account. SMS notification is available on the transfers.

The president for Tempo Money Transfer, Mr. Jeffrey Phaneuf said the project has great appeal, not only to Pakistani nationals living and working in France and Germany, but also to the country's economy.

“Given how many immigrants from Pakistan reside in the EU, Germany and France particularly, we expect quite high growth in remittances volumes and client numbers. This, we believe, will be very beneficial to the country’s economy,” he said.

The business head of transaction banking division for MCB, Mr. Aali Shafi said the project also makes for further promotion of quality EU money transfer services in Pakistan.

“The demand for high quality services is growing in Pakistan. We are very happy to be in alliance with Tempo Money Transfer since the project opens the door for Pakistani people who live in Europe and send money to their loved ones here”, he said.

Currently Tempo Money Transfer operates in over 100 countries worldwide. Its services are available in over 200 000 locations, offering its clients genuine European standards. It has recently completed assertive projects in Sri Lanka, Nepal, Romania and Moldova, as well as Comoros.

Tempo Money Transfers launches new product to top up cell phones globally

In collaboration with global electronic payment network iSend, the France-based money transfer operator Tempo Money Transfer has recently enabled clients to top up their mobile phones globally, at service locations of the Paris-headquartered operator.

This synergetic project completed by iSend and Tempo Money Transfer, is designed for those who are living and working abroad and wish to provide support to their families and friends back home. Money paid in Tempo Money Transfer locations can recharge cell phone credit in 80 countries throughout the Americas, the Caribbean, Africa, Europe, the Middle East and Asia, including India and Oceania. 

“It is very important for Tempo Money Transfer to enlarge its product spectrum, to make the system more attractive to people. The clients can top up the cell phones at over 300 service providers globally, through our network in France and Germany, which currently exceeds 70 locations,” said Tempo Money Transfer's president, Mr. Jeffrey Phaneuf.

He went on to say that it is a strategic and ambitious plan of Tempo Money Transfer, not only to permanently increase its partner network globally, but also to proceed with rapid expansion of the product range. We can see how fast the global e-payment market is growing and are diligently working on our integration into it. Our advanced IT systems enable us to work with service providers specialised in different spheres of this field. The project with iSend is a great example,” he said. Mr. Phaneuf believes that the demand for the product will be very high. 

“This kind of remote cell phone topping up, is now no less popular and needed than money transfer services since it is a very convenient way to help families and friends who are far away. As a company that is granted with pan-European license and of European quality, Tempo Money Transfer aims be one of the key providers, pioneering these services in the EU,” he said.

Barwaqo Bank signs landmark agreement with MoneyTrans, Europe’s largest money transfer company

This landmark agreement between Barwaqo Microfinance Bank and the multinational MoneyTrans is the first of its kind and represents a paradigm shift in the money remittances scene.

Barwaqo Bank has been functioning effectively for the past calendar year. Barwaqo Bank offers a range of financial services that target low-income individuals and small businesses that lack access to banking loans. Barwaqo Bank is one of the first microfinance providers to open in Somalia and by offering services such as microcredit, micro saving and insurance products, Barwaqo Bank aims to help fuel economic growth and job creation for the under privileged segments in society.

Barwaqo Bank also recently launched its money transfer operations globally, this in turn allows many Somalis to send money to Somalia via the most secure way possible as money transferred enters the customers Barwaqo Bank Account, this has allowed efficient inter banking between consumers.

 With offices in Somalia and Europe, Barwaqo Bank is on course to benefit from recent changes in terms of regulation between money providers. The CEO of Barwaqo Bank Mr. Abdisalan Musa said "the issues we have had with Somali money transfer companies was according to regulators, the recipient was always unknown which made regulators wary of facilitating such funds in case these funds ended up in the wrong hands. However, in our case its clear who the recipient is because they have online current or savings accounts with us."

The drama between Somali money transfer companies and regulators has been a consistent issue for the past two years and as a result many Somali money transfer companies have had their accounts closed by regulators and major banks, both here in the UK and the US. Yet, at Barwaqo Bank, there has been a consistent focus on ensuring that such stringent standards are met. It is for this reason that MoneyTrans, one of the largest money transfer companies in the Western world has signed an agreement with Barwaqo Bank. This will enable Barwaqo Bank to truly reach its potential whilst at the same time providing many Somalis across Europe the opportunity to be able to remit money back home without facing any issues.

We also interviewed the CFO of Barwaqo Bank; Hassan M. Dudde who had this to say; "the average amount sent from abroad to Somalia is around $200 which barely covers a family’s basic day to day needs, as a result it is imperative that we ensure the money gets to those who need it the most. For this reason at Barwaqo Bank we insure that all transactions are recorded for both auditing and transparency purposes, in line with international regulatory frameworks".

Tempo Money Transfer and Samsara Money Transfer jointly support Nepal. Free transfers launched

In a move to make its contribution to the support of people effected by the severe earthquake in Nepal, the France-based international provider Tempo Money Transfer and its local partner Samsara Money Transfer have decided to introduce free inbound transfers to Nepal for up to 500 euros, as of the beginning of May. 

Anyone who has loved ones or humanitarian reasons can visit one of over 70 TMT’s locations in France and Germany and send supporting funds to friends and family members, paying no fee. The cash can be picked up in over 1,800 agent locations using Samsara’s IT solution in Nepal.

“As a European company, we could not stay away. The shock of the experience this wonderful country has gone through echoes its pain in all of us. We are a socially responsible company and feel we should do what we can to help people cope with this terrible tragedy. We are very happy to act jointly with our colleagues in Samsara. I believe that the joint initiative will make us all stronger,” said the president for Tempo France, Mr. Jeffrey Phaneuf.

The director of marketing and business development for Samsara Money Transfer, Mr.SurajChhetri said that it is very important that at this moment, Nepal feels international support on all levels. “We are very happy that our European partners have shown such compassion, feeling exactly what we feel and are ready to help. We are in a socially responsible business playing a great humanitarian role and in this situation we realise it even more,” he said.

Tempo Money Transfer launches services on Comoros in alliance with Comores Assistance International

The international remittances service provider Tempo Money Transfer launched its services on Comoros. The France-based company successfully completed integration with the Comores Assistance International, financial institution registered with the Central Banque of Comores, as a financial intermediary.

Tempo Money Transfer clients can now send cash to the islands. The funds can be picked up in several Comores Assistance International’s locations in Grande Comoros, Anjouan, as well as in the forth island of the Archipelagos.

“We believe that the project features good prospects given how intensively the remittances between Comoros, France, Morocco, China, AE as well as Egypt, Senegal and Madagascar, are increasing,” said Head Manager of Comores Assistance International, Mr Mohamed Farouk Ali.

“It is a very promising and important corridor for us. Quite a vast number of European nationals live and visit the Archipelagos every year. So, we expect quite fast growth in the number of clients and hence, amount of transactions,” said Tempo Money Transfer's president, Mr. Jeffrey Phaneuf

He added that Tempo Money Transfer, which holds a pan-European money transfer license and operates a 67-agent network in Europe, has been increasingly strengthening its international activities, globally.

Recently, it has completed assertive projects in Sri Lanka, Nepal, Romania and Moldova.

Currently Tempo Money Transfer operates in over 100 countries worldwide. Its services are available in over 200 000 locations, offering its clients genuine European standards.

Tempo Money Transfer in Alliance with Metrobank in the Philippines

Tempo Money Transfer and one of the Philippines’ leading banks, Metropolitan Bank and Trust Company, or Metrobank, have successfully integrated their financial transfer services. The partners have thus commenced money transfers from Tempo Money Transfer service locations to beneficiaries in the Philippines through Metrobank. The alliance makes it possible to give the clients yet another option in accessing money transfer services, with EU- standards and quality.

Both parties believe the partnership has great potential. 

Metrobank has been in the financial institution industry for over 52 years and has over 900 branches all over the Philippines.

Metrobank offers its cash-to-cash product named Cash Pick-Up Anywhere, in which beneficiaries can pick up the cash transfer at any of over 6,000 partner locations in the Philippines using a single reference number. Tempo Money Transfer operates over 60 locations in Germany and France.

There is also an automatic SMS notification to the beneficiary once the cash is ready for pick-up. The clients can also enjoy the cash-to-account option wherein funds sent, can be credited not only to Metrobank accounts, but also to all major banks in the Philippines. 

"It is a large-scale project that has a principle meaning to the Filipino money transfer market, given the position of Tempo Money Transfer in the EU-market and the role Metrobank plays on the national banking landscape, due to a great number of clients and growing client portfolio,” said Mr. Walter Lim, the bank’s regional head for Europe.

He indicated that the bulk of remittances to the Philippines come from the United Kingdom, followed by Germany, Greece and Italy.

The president for Tempo Money Transfer Mr. Jeffrey Phaneuf said that the alliance with Metrobank will significantly enhance the company’s position in the Philippines and Asia in general.

Since the successful launch of the project, Tempo Money Transfer’s services are now available in nearly 12,000 locations across the country, the total number of locations in the Asian region increased to over 22,000.

“We trust the project will be beneficial for our clients who need high quality reliable services. Also, working together gives us a great chance to drastically increase client portfolio”.

TimesofMoney Announces Launch of ‘Movit’

‘Movit’ – Comprehensive Mobile Money Solution fuels Global mPayments Revolution

Mumbai, March 30, 2015: TimesofMoney, the global digital payments specialist, recently launched its suite of comprehensive Mobile Money solutions, Movit, aimed at catering to the burgeoning mobile payments market.

The new-age Movit platform caters to various verticals and businesses including banks, telecom companies, government utilities and retail stores by creating a host of services that aid financial inclusion. These include mobile commerce, agency banking, peer-to-peer remittances etc. It is device agnostic and can be customized to both smart phones as well as feature phones. 

The company’s expertise on global compliance and AML (anti-money laundering) best practices makes the job easier for any business aspiring to succeed using mobile payments. Simply put, Movit offers security and safety in transactions with ample convenience and freedom to transact anywhere, anytime. With few players in the industry who offer a bundled service for mobile money utility, Movit makes for a compelling proposition.

Talking about Movit, Avijit Nanda, Chief Executive Officer, TimesofMoney says, “TimesofMoney has several success stories to its credit. We have engaged with international clients for Movit and in fact are in the process of deploying it in Africa currently. Since Movit’s primary delivery channel is the mobile phone, it gives a huge thrust to the financial inclusion agenda of Governments in emerging economies of India, Asia & Africa where there is an ever-increasing mobile penetration.”

“In India, the potential of the ubiquitous mobile phone is yet to be harnessed. Movit was born out of our global expertise in powering digital payments and our desire to leverage the platform. Many emerging economies and businesses are poised for growth in mobile money solutions and we have just the right proposition to drive this growth”, he added.

Recent studies indicate a surging global market for mobile-based payments that is set to grow exponentially in the next couple of years. There is a pressing need for businesses to make sure they have the ability to service this consumer need. Simultaneously, both the regulators as well as the other aspects of ecosystem including service providers, beneficiaries and users are converging. To cater to this, Movit offers a completely customizable platform to equip businesses to facilitate mobile payments in different forms.

For more on Movit, please visit: http://www.timesofmoney.com/TOM/movit.html