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.