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.