tag:blogger.com,1999:blog-38891449367786779682024-03-27T16:53:13.376-07:00REMITTANCES NEWSIAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.comBlogger77125tag:blogger.com,1999:blog-3889144936778677968.post-86061686244288818792017-03-28T09:24:00.001-07:002017-03-28T09:24:26.142-07:00IAMTN proposes new industry wide standards to tackle de-risking<div class="separator" style="clear: both; text-align: center;">
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During 20-23rd March. The Financial Action Task Force (FATF) held its Private Sector Consultative Forum. The forum was chaired by Mr. Juan Manuel Vega-Serrano, President of the FATF, in Vienna, Austria. During the event, FATF and its members had constructive discussion while engaging directly with private sector representatives on anti-money laundering and counter terrorist financing (AML/CFT) issues.<br />
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Remittances and de-risking were a key part of the agenda. It was during this event that, the International Association of Money Transfer Networks (IAMTN) presented its proposal on de-risking. There have been major changes in de-risking practices over the last few years and concern is growing across stakeholders, as this has an adverse affect on the entire remittance industry. Everyone agreed that this is a very complex issue and there is no "magic" solution to this.<br />
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IAMTN believes that an “International Industry Standard” specific to this industry is required.<br />
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As a part of this standard, firms will be required to undertake an independent annual audit in order to certify adherence with the standard.<br />
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IAMTN held discussions with a very wide array of bodies, such as, World Bank, IFAD, UNCDF, FATF, BBA, DIFID, CGAP, German Finance Ministry, FINCEN, US Treasury and UK Treasury and many more International Organisations for their feedback. Overall, it was very well received by the participants.<br />
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This is part of IAMTN’s continued effort to raise awareness of the importance of remittances within the financial sector, and to promote financial inclusion as a result of remittance mobilization through formal channels.<br />
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IAMTN is continuing the process of getting feedback from a very wide range of stakeholders, so if you have any feedback or questions, please feel free to contact us.<br />
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<b>ABOUT IAMTN</b><br />
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 and all other important stakeholders such as the World Bank, IFAD, BBA, DIFD to champion the creation of the most effective, safe, reliable and efficient payment system.IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com1tag:blogger.com,1999:blog-3889144936778677968.post-57115679628248243792017-01-26T08:33:00.000-08:002017-01-30T03:42:18.280-08:00IAMTN, supported by MAMSB and FERG, condemns the use of bKash to facilitate illegal money remittances to Bangladesh<div class="p1">
<span class="s1"><b>International Association of Money Transfer Networks (IAMTN), supported by the Malaysian Association of Money Service Business (MAMSB) in Malaysia and the Foreign Exchange and Remittance Group (FERG) in Dubai, condemns the use of bKash to facilitate illegal money remittances to Bangladesh</b></span></div>
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<span class="s1">United Kingdom, 26th January 2017</span><br />
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<span class="s1">There has been a considerable surge in unofficial remittances being sent to Bangladesh using bKash. bKash, a joint venture with BRAC Bank in Bangladesh, is a provider of mobile financial services to the underserved remote population of Bangladesh.</span></div>
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<span class="s1">The transfers in the United Arab Emirates (UAE) and Malaysia are being conducted through SIM cards from Bangladesh by individuals or businesses not licensed to undertake remittances in either jurisdictions. Sending money through unofficial channels can lead to exploitation, fraud and security risks.</span></div>
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<span class="s1">On the 21st January 2017, a crackdown across Dubai unearthed an illegal money transfer racket run by 25 shops. All 25 shops, which were involved in the illegal activity, were not authorised to offer remittance services. This enforcement action was led by the Department of Economic Development (DED).</span></div>
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<span class="s1">IAMTN along with FERG and MAMSB strongly condemns the use of illegal channels to remit money to Bangladesh and we urge the Central Bank of Bangladesh to take positive steps to curb the use of bKash to facilitate these illegal remittances.</span></div>
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<span class="s1"><b>About the International Association of Money Transfer Networks (IAMTN)</b></span></div>
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<span class="s1">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 and all other stakeholders to champion the creation of the most effective, safe, reliable and efficient payment system.</span></div>
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<span class="s1"><b>About the Malaysian Association of Money Services Business (MAMSB)</b></span></div>
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<span class="s1">The Malaysian Association of Money Services Business or MAMSB was formed on 22 August 2013 and officially launched on 9 January 2014. It is the national association for money service business (MSB) companies in Malaysia which have been granted licences under Money Services Business Act (MSBA) as well as those enterprises that have been approved as MSB agents to principal licensees under the MSBA. The members of MAMSB engage in three main types of money services businesses namely money-changing business, remittance business and wholesale currency business which supports the retail money-changing business.</span></div>
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<span class="s1">Today, MAMSB has 354 members (licensees under the Money Services Business Act 2011 and 129 associate members (money services business agents) with over 2,500 customer touchpoints across Malaysia. The MSB industry in Malaysia employs approximately 10,000 people and has an industry total turnover of RM100billion. MAMSB’s vision is to be a respectable driving force to modernise and enhance professionalism of MSB industry while championing the interest of Members.</span></div>
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<span class="s1"><b>About Foreign Exchange and Remittance Group (FERG)</b></span></div>
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Foreign Exchange and Remittance Group [FERG] is a non-profit organization formed based on the initiative of the Central Bank of UAE. The FERG comprises of companies engaged in the business of money exchange and remittances from large sized companies with over 100 branches, to single branch outlets to come on a common platform and work towards mutual benefit.<br />
The initiative to form the Foreign Exchange & Remittance Group (FERG) started in the year 2003, wherein, some of the large and leading exchange companies decided to come together and hold regular meetings to discuss current market situations, opportunities and threats facing the exchange industry. This initiative gained momentum with the Central Bank Governor calling a meeting of all leading exchange companies in January 2004 to discuss the challenges facing this Industry. One of the important outcomes of the meeting with the Governor was the initiation of the Steering Committee, comprising of 10 leading exchange companies, who relentlessly worked towards bringing in most of the exchange companies to a common platform.<br />
Over the next couple of years, the Steering Committee held regular meetings and took up issues with various regulatory and government authorities such as, Central Bank of the UAE, Reserve Bank of India, Dubai Police, Human Resources Committee for Emiratization, etc., with an objective to facilitate easier operational norms & to create a conducive business environment for the money exchange industry in the UAE. In the course of time more exchange companies joined the Committee as Rotating Members to strengthen and make it more vibrant.<br />
The efforts of the Committee to register the Foreign Exchange & Remittance Group (FERG) were successful with the registration of the Group with Dubai Chamber of Commerce & Industry in October 2008.<br />
The first General body Meeting of FERG was held on 29th November 2008. The number of members has since grown to 73, who aggregately cover over 90% money exchange and remittance business in the UAE. Meetings of the Representative Committee and all members are held at regular intervals.<br />
FERG is registered with Dubai Chamber of Commerce & Industry, the body concerned with patronizing and supporting the various activities of the private sector in the United Arab Emirates. </div>
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<span class="s1">International money transfer operator, Tempo Money Transfer, has issued the results of its operational and financial activity in 2016.</span></div>
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<span class="s1">The Paris-headquartered remittances provider said in a statement that the number of agent locations increased to more than 230 in Germany and France by the end of 2016, against 70 in 2015.</span></div>
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<span class="s1">The company's main focus of activity is sending money from these two countries to the rest of the world. This makes the indicator very important for its operations. </span></div>
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<span class="s1">The president for the Germany and France–based company, Mr Jeffrey Phaneuf, reported that in 2016, Tempo processed over 63 thousand transactions, up 160 percent from the year 2015. He said also that gross revenue reached € 32.6 million. “The total number of locations where services are available, increased to reach 195,000, while the number of countries has almost reached 120 by the end of 2016,” Mr Phaneuf said.</span></div>
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<span class="s1">“2016 in particular has become a very important year for the company because Tempo Money Transfer launched its online payment option this year. Now clients do not need to visit Tempo's locations to send money. A transfer can be originated from the website, www.tempo.eu.com, and the service is available to clients from all over the EU.</span></div>
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<span class="s1">The first stage of the project covered 35 countries, including such large markets as the Philippines, Sri Lanka, Bangladesh, Pakistan, Vietnam, India, Brazil, Russia, Albania and Armenia. The online service became possible due to the significant success the company achieved working on the development of its international partnership network, its state-of-the-art IT technologies and the high-profile reputation it enjoys internationally, he said.</span></div>
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<span class="s1">In 2016, the system significantly widened its spectrum of services. It currently includes traditional cash payout, account-crediting, home delivery, cell phone topping up and remote bill payments in various countries.</span></div>
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<span class="s1">“We are specialised in outbound transactions from one of the most vibrant EU markets, based in France and Germany. We pay special attention to developments in various regions around the globe. The demand for services comes mostly from working </span><span class="s2">migrants</span><span class="s1">. We can clearly see the increasing trend in the number of migrants settling in European countries. Hence the demand for low cost and quality services is growing,” Mr Phaneuf said. “In 2016, Tempo diligently worked on building up its activities, expanding its payout location network and widening its service range. It actively participated in integration with global e-payment platforms,” he added.</span></div>
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<span class="s1"> “We place emphasis on low transaction costs. We understand that this makes for an effective decrease in the black market and brings money transfers into the open, regulated sphere. This benefits the host country's economy and our customers.”</span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com20tag:blogger.com,1999:blog-3889144936778677968.post-87552212759954859002016-12-19T06:20:00.001-08:002016-12-19T06:20:52.921-08:00Tempo Money Transfer and Samsara Money Transfer have launched option of account crediting in Nepal<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The France and Germany-based international remittances service provider, Tempo Money Transfer, and its partner in Nepal, Samsara Money Transfer, have launched the option of account crediting in Nepal. This is the next stage of collaboration between the two companies that started at the beginning of 2015.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Now clients are able to credit money sent from Tempo’s locations in Europe to recipients’ accounts at Samsara's partner banks in Nepal. Up until now, only the cash pick-up option was available.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Over 1,800 agent locations - finance companies, retailers, corporates and travel agents - operate on the b2b model using Samsara’s system. The network covers all of Nepal's provinces, including small towns and settlements.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The number of Tempo locations where clients can send money from Germany and France is currently over 170.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The president of Tempo France, Mr Jeffrey Phaneuf, said, "The ties between Nepal and the EU are growing ever more. The further development of this project, namely the introduction of account–crediting, will provide new options to send money to Nepal. The client market is very broad, including workers, migrants, students, businessmen, all staying and working in Europe. They expect high quality services and affordable rates. That is our main angle and focus, working with our partners at Samsara.”</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The director of marketing and business development for Samsara Money Transfer, Mr Suraj Chetri, said that the broadening of the service spectrum gives yet more impetus to further grow the client portfolio and reach new financial and operational heights.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“We are continuously improving the quality of the services we provide to our clients and are always looking for new options to increase the level of convenience and effectiveness for our clients. Collaboration with Tempo presents a way to step up our activities in a very important segment such as Europe. That is why we are very happy to expand our work with them in implementing new products,” he said.</span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com2tag:blogger.com,1999:blog-3889144936778677968.post-85464774449126481802016-12-15T03:48:00.001-08:002016-12-15T03:48:25.865-08:00Tempo Money Transfer has integrated into the Stellar Blockchain<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Tempo Money Transfer, has successfully completed integration with the financial platform, Stellar. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Clients are able to send global remittances from Europe through the Stellar e-wallet, online or by visiting Tempo locations. At launch Tempo is integrated via stellar with Coins.ph which allows clients to send funds to anyone in the Philippines by using their name and mobile phone number. The recipient receives a notification on their mobile phone and a Coins.ph account is created for the recipient automatically. The client can then receive the funds out of their Coins.ph wallet, initiate a bank transfer, request home delivery as well as cash pickup throughout the Phillippines. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">In his comments to the launch of the joint project, the CTO for Stellar, Mr Jed McCaleb said that these partnerships bring the company closer to one of its goals: substantially lowering global remittance costs by improving cross-border payments, making them more efficient.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s2">“</span><span class="s1">“This is the start of achieving our mission of enabling a worldwide financial network that anyone can use, ” he said.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Tempo's CTO, in turn, noted “the blockchain technology that backs networks such as Stellar will revolutionize international payments. In particular Stellar solves many of Bitcoin's problems such as Exchanges getting hacked, higher transaction throughput, anti-terrorist protocol and provides an average of 3 second settlement vs Bitcoins 10 minutes. It also provides a standard api that like email could transform the world,” said Mr Anthony Barker.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“This will allow our clients to send funds faster, more reliably and for less money.”</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Recently, the company has actively been working on the introduction of new products and transfer channels, particularly implementing its option to send money online from its website. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">This project will feature a significant geographical spread and wide range of opportunities for customers. The Paris-headquartered company has been very active in the Philippines in particular.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">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 having increased to over 22,000.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">According to the latest statement, the number of cash agent locations soared to more than 218 in Germany and France.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The company's main focus of activity is sending money from Europe to the rest of the world. The total number of locations where its services are available, increased to reach 195,000 while the number of countries has reached almost 120.</span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-35495320941537468482016-11-28T02:58:00.003-08:002016-11-28T02:58:24.068-08:00Tempo Money Transfers sponsored premier of Bengali film in Paris <div class="p1">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1">On November 17</span><span class="s2"><sup>th</sup></span><span class="s1">, the international money transfer system, Tempo Money Transfer sponsored the premier of Bengali film "Aynabaji” in Champs Élysée cinema theater, in Paris. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">With a $67.5 mln. box office, this film is considered one of the most successful productions in the Bengali film industry.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Mr. Jeffery Phaneuf, president for Tempo Money Transfer and Mr. Sayed Khan, commercial director, South Asia for the company, represented Tempo Money Transfer at the event.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“It is very important that the company does not miss the occasion to participate in such events. They give us the opportunity to become even closer to our customers, understand their cultural needs and the importance of the job we do,” said Mr. Phaneuf.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“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. </span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com1tag:blogger.com,1999:blog-3889144936778677968.post-63124264567022360082016-11-14T07:59:00.003-08:002016-11-14T07:59:57.166-08:00Tempo Money Transfer expects decline in the Russian remittances market to slow down in 2016<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">One of the largest European remittances markets, Russia, will demonstrate a slowdown in decline in 2016, the experts at Tempo Money Transfer say. However, the segment will still decrease in the current year, the France and Germany–based money transfer provider says. The European licensed remittances provider entered the CIS and Russian market this year through a strategic partnership with Unistream bank.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Due to sanctions and local currency devaluation against the American dollar, the volume of remittances of the CIS top donor country fell from over $20 billion in 2014 to $13 billion in 2015.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“The economy slightly adapted to the negative trends and demonstrated a few positive signs in the current year. However it is way too early to talk about full recovery,” Souren Hayriyan, member of the board of directors of Tempo Money Transfer, said. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The company expects the decline to slow down and sees the remittances volume at $10 billion in 2016, still a 23 percent decline compared to a year before.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The ruble devaluation is the main reason for this, Tempo says.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Since 2013, when remittances reached its $27 billion maximum, the market volume decreased by nearly 3 times.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The number of transactions is also expected to decrease, by around 20 percent, Hayriyan of Tempo said. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Its decline is due to the Russian market now being much less attractive for working migrants after the crisis started. He went on to say that they originate over 80 percent of demand for the money transfers in the former USSR countries.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Another trend is the increase in average number of transactions. In 2015, the Russian government introduced licenses for working migrants, requiring a fixed annual fee for the right to remain in the market, regardless of income. This made life more difficult for low-income migrants. The migrants’ incomes remained the same, which whittled away at remittances of low income workers. It contributed to the decline in transaction numbers, while increasing the average cheque (from $380 in 2015 to $ 420 in 2016). </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Hayriyan said also that competition drastically increased. Some companies have introduced tariff-free remittances, making money on exchange rates only.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Summarizing, he said that it is now very difficult to make any further predictions on what direction the market will go. “In such a situation when the economy goes through what is not the best time in general, the remittances market will generally follow the same path.”</span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-16837469025433306932016-10-25T08:44:00.002-07:002016-10-25T08:44:50.152-07:00Tempo Money Transfer and Uttara Bank to increase cooperation after Paris meeting<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">High profile delegations of the international money transfer operator, Tempo Money Transfer, and one of the leading Bangladesh banks, Uttara, held a meeting at Tempo's headquarters in Paris.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The president of Banque du France-licensed Tempo, Mr Jeffrey Phaneuf, and its commercial representative, Mr Sayed Khan, represented the company at the meeting.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The other party was represented by Mr Maksudul Hasan, deputy managing director, and Mr Khandaker Ali Samnoon, general manager of Uttara Bank.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">During the meeting, both parties expressed keen interest to collaborate further in advancing the EU-to-Bangladesh corridors, particularly from France and Germany to Bangladesh.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">"We discussed in detail operational items, like enhancing our IT interface to improve and speed up transactions and our ability to quickly confirm payment status, as well as obtaining better exchange rates for our clients," said Mr Phaneuf in his comments about the meeting.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Both parties agreed that the project has proved its importance and potential.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">"We agreed to further improve service and ultimately achieve higher wire volumes and revenues."</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Mr Maksudul Hasan said that the plans to drastically step up the joint venture have a great chance for success.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“Demand is on the rise in Bangladesh and the number of clients is growing too. In combination with Uttara's strong position in the market, this creates a solid foundation for all business indicators to grow," he said.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Both parties found the meeting instrumental in further developing their business.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Tempo and Uttara started a joint project in June 2015.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The collaboration enables clients to receive money sent from Tempo's locations in France and Germany, and collect cash in Uttara Bank’s branches in Bangladesh. Uttara Bank Limited operates through more than 200 online branches, spread across urban and rural areas, with more potential business locations within Bangladesh.</span></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Tempo has over 160 locations in France and Germany, focusing on outbound transactions. It continues to actively develop its partnership network in Asia.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The total number of locations where services are available increased to 195,000 while the number of countries has almost reached 120.</span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com2tag:blogger.com,1999:blog-3889144936778677968.post-80937993622908465622016-10-14T05:34:00.005-07:002016-10-14T05:34:55.983-07:00Online money transfer specialist Fonmoney speeds up customer verification with HooYu
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<span class="s1"><i><span style="font-family: Arial, Helvetica, sans-serif;">Identity confirmation defends money transfer industry from fraudsters with forged passports and fake identities </span></i></span></div>
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<a href="https://4.bp.blogspot.com/-s6pAOR4_s9E/WADQwYaSXcI/AAAAAAAAAZc/7ayitgTukRIVwVowfp1PMDxIya6ELBLkgCEw/s1600/Hoo%2Byu-logo.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="115" src="https://4.bp.blogspot.com/-s6pAOR4_s9E/WADQwYaSXcI/AAAAAAAAAZc/7ayitgTukRIVwVowfp1PMDxIya6ELBLkgCEw/s320/Hoo%2Byu-logo.jpg" width="320" /></a><span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"><b>London, UK – </b></span><span class="s2"><b>October 14, 2016</b></span><span class="s1"><b> –</b> Identity confirmation provider HooYu today announced that their identity confirmation technology is helping online money transfer specialist Fonmoney to fast track its KYC (Know Your Customer) procedures for welcoming and verifying new customers. <br />
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Prior to using HooYu, Fonmoney sometimes had to use man-hours to manually review ID documents before transactions could proceed as part of Anti-Money Laundering compliance requirements. This sometimes meant that customer approvals could take two to three hours if the information given was incomplete, meaning that customers who transacted overnight might not be approved until the next working day.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">HooYu is now being integrated into the Fonmoney site so that users can now quickly and easily be verified through HooYu’s unique combination of digital footprint analysis, ID document authentication, facial biometrics and identity scoring. Once the customer has passed the automated HooYu ID confirmation, they can send money abroad to friends or family quickly and easily with low fees and great exchange rates. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The team at Fonmoney was well prepared for the risks of online money transfer and could see that fraudsters were trying to transact with fake passports and stolen payment card details. Fonmoney looked to database-led ID checks to verify their customers, but with ten local language sites already live, they needed a service that would work equally well for customers using Irish, Turkish, Polish, Romanian and French corridors amongst others.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Matthias Wurmböck, Managing Partner at Fonmoney said, “On one hand, using HooYu means that we are not just ticking compliance boxes and preventing fraud, but more importantly to us, HooYu helps us make the journey for all of our customers more efficient and smooth. They have been a good partner to us in helping to ensure that we are in line with customer identity checking compliance, while localising their platform together to ensure the best possible customer experience as we continue to grow into new markets.” </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">David Pope, Marketing Director at HooYu said, “The money transfer industry needs an identity confirmation service to help verify identity where traditional database checks fall short. Our approach of not just checking an ID document, but looking at the wider picture by using digital footprint analysis and facial biometrics in conjunction with ID document authentication helps firms like Fonmoney to build true confidence that their customers are indeed, who they say they are.” </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Veronica Studsgaard, CEO at the International Association of Money Transfer Networks said, “Money remitters are constantly striving to meet the challenges of ever growing remittance volumes and increased regulatory requirements. KYC technologies like HooYu are helping remitters to verify and welcome new customers, speed up the flow of money and to meet regulatory requirements.”</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">HooYu was established as a global identity verification platform to help businesses authenticate customer identity. </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The HooYu service is integrated into a merchant’s site and customers are asked to take three simple steps: </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<li class="li1"><span style="font-family: Arial, Helvetica, sans-serif;"><span class="s3"></span><span class="s1">Take a selfie</span></span></li>
<li class="li1"><span style="font-family: Arial, Helvetica, sans-serif;"><span class="s3"></span><span class="s1">Share their online identity such as Facebook or LinkedIn and take a photo of their driving licence, ID card or passport. </span></span></li>
<li class="li1"><span style="font-family: Arial, Helvetica, sans-serif;"><span class="s3"></span><span class="s1">HooYu extracts and scores the identity information from the user’s online identity and ID documents, HooYu then authenticates their ID document and completes a biometric facial verification. </span></span></li>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><b>About HooYu </b></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">HooYu is a global identity confirmation service used not only by businesses that need to check their customers are who they say they are, but also by consumers who want to check another person’s identity before they proceed with an important or sensitive transaction.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">HooYu's approach is to use universal tokens of identity including social media, digital footprints, identity documents and facial biometrics to confirm identity.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">HooYu cross-references and analyses data from a person’s digital footprint to confirm their real-world identity. HooYu also extracts and verifies data from ID documents at the same time as authenticating the ID document and conducting a biometric facial check comparing a selfie of the customer with the facial image on their ID document. </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="https://business.hooyu.com/">https://business.hooyu.com/</a> </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">For further information contact <a href="mailto:david.pope@hooyu.com">david.pope@hooyu.com</a> </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><b><br /></b></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><b><br /></b></span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;"><b>About Fonmoney</b></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Fonmoney is an FCA regulated money transfer company whose mission is to improve the way migrants send money home. The Fonmoney aim is to simplify remittance, be affordable and speak the migrant’s language. The Fonmoney team is a broad mix of former bankers, mobile developers and scientists representing more than ten nationalities.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Fonmoney offers two different services: sending money home via direct bank deposit or toping up mobile phone. </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"><b></b></span><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s4"><a href="https://www.fonmoney.com/">https://www.fonmoney.com/</a></span><span class="s5"> </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="s1"><b></b></span><br /></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">For further information contact: <a href="mailto:matthias@transpaygo.com"><span class="s6">matthias@transpaygo.com</span></a> </span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com2tag:blogger.com,1999:blog-3889144936778677968.post-18158986500031326992016-10-13T10:18:00.000-07:002016-10-13T10:18:07.332-07:00Tempo Money Transfer issued Q3 results. Over 180 locations in Germany and France<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">International money transfer system, Tempo Money Transfer issued the results for the period July - September of 2016.</span></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The Paris-headquartered remittances provider said in a statement that the number of agent locations soared to more than 180 in Germany and France. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The company's main focus of activity, is sending money from these two countries to the rest of the world, which makes the indicator very important for its operations, said the president of Tempo, Mr. Jeffrey Phaneuf. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">He went on to say that the total number of locations where services are available, increased to reach 195,000 while the number of countries has almost reached 120.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The spectrum of services includes traditional cash payout, account-crediting, home delivery, cell phone topping up and remote bill payments in various countries.</span></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Mr. Phaneuf said that by the end of Q3, the system has achieved a new operational level. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Within July-September, the company successfully stepped up its international network, particularly in Africa.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">For example, the France and Germany - based remittances provider, which already holds a solid presence in Africa, and has rolled out its pay-out networks in Nigeria, Guinea, Senegal, Gambia, Mauritania, Sierra Leone and Comoros, launched a project in some of the Central African and West Africa nations including – Cameroon, Chad, Democratic Republic of Congo, Central African Republic, Ivory Coast, Congo, Gabon, and Rwanda. The completion of the project provides the customer with more than 400 pay-out locations.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“As a company specialized in outbound transactions from one of the most vibrant EU markets, (France and Germany) , we pay special attention to the developments in Africa and Asia. The demand for services is coming mostly from working migrants. We can clearly see the increasing trend in the number of African and Asian nationals settling in European countries. Hence the demand for low cost and quality services is growing,” Mr. Phaneuf said.</span></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Phaneuf said that in 2016, the company diligently follows its main goals and principles, looking at increasing financial indicators in each project. </span></span></div>
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<div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“We continue to place emphasis on low transaction costs. This makes for an effective decrease in the black market and brings money transfers into the open, regulated sphere. This benefits the host country's economy and our customers.”</span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-7461493950955835812016-10-05T04:00:00.003-07:002016-10-05T04:00:46.816-07:00Tempo Money Transfer enters Canadian market<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The France and Germany - based international remittance provider, Tempo Money Transfer signed an agreement with Miami-headquartered company, CAM Transfer, to commence joint operations in the Canadian market.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The integration project completion will enable clients to send money</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">from over 180 Tempo locations in Germany and France and collect cash in CAM's agent locations in Canada.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">CAM Transfer is in partnership with over 40 agents, according to general manager for the company, Mr. Fred Tony. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The president for Tempo, Mr. Jeffrey Phaneuf said it is the first project for the company in Northern America.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">"We see great potential in this remittances corridor (Germany and France to Canada). This is due to growing economic ties and quite large various ethnic communities, present in all three countries," he said in his comments of the large scale joint venture. He went on to say that according to company estimations, the market volume is currently in the range of $30 - $32 billion, with the potential to grow further.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">He said the segment has experienced between 14-15-percent growth</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">year-on-year. Mr. Phaneuf added that Tempo has been actively carrying out its program of international development. It's wide range of services, from account crediting to cash pick-up and cell phone topping, is available in over 120 countries, with the number of locations exceeding 195,000.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Mr. Tony is also very positive about the project's prospects.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">"We will be able to provide clients with excellent quality of service.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Given the positions of Tempo and CAM in the market and growing demand, we are confident in our opportunities to jointly achieve new operational and financial heights. We believe the collaboration is going to be very fruitful."</span><br />
<br />IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com2tag:blogger.com,1999:blog-3889144936778677968.post-15986907351757653062016-09-21T07:28:00.002-07:002016-09-21T07:28:36.827-07:00Number of Tempo Money Transfer locations in France and Germany soars above 180<div class="p1">
<span class="s1">The number of locations of the international Paris-headquartered money transfer operator, Tempo Money Transfer, has exceeded 180 in Germany and France together. The company is specialized in transferring money from these countries to destinations all over the world.</span></div>
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<span class="s1">It operates through an agent network and its own dedicated store in Paris. </span></div>
<div class="p1">
<span class="s1">"Germany and France are two of the main donor countries in the remittances market. This is due to their excelling economies and vast number of migrants from others countries living and working there," said the president of Tempo, Mr Jeffrey Phaneuf.</span></div>
<div class="p1">
<span class="s1">He went on to say that the working migrants' share in the demand for money transfers exceeds 80 percent.</span></div>
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<span class="s1">"Given the exceptional role that Germany and France play in the global remittances market, Tempo is diligently working on extending its network in these two countries." </span></div>
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<span class="s1">Mr. Phaneuf added that the company has a very large international payout network. Tempo recently reported that it has 195,000 partner locations where clients can collect transferred funds. The number of countries where services are available, exceeds 120.</span></div>
<div class="p1">
<span class="s1">Mr. Phaneuf said that intensive international development makes collaboration with Tempo increasingly attractive for potential partners.</span></div>
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<span class="s1">Recently the company concluded 10 large-scale integration projects in Europe and Asia.</span></div>
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<span class="s1">The spectrum of services, offered internationally, now includes cash-to-cash transactions, account crediting, remote bill payments and cell phone top-ups.</span></div>
<div class="p1">
<span class="s1">A project to make remote bill payments has started in the Philippines. Its successful completion now enables clients to settle their utility bills in the Philippines, from Tempo's locations in France and Germany. These include account payments for electricity, water, internet, mobile services, cable TV, insurance and health.<br />
The Paris-headquartered remittance system has commenced operations in Vietnam and Mongolia. In these two Asian countries, Tempo started its collaboration with one of the CIS-leading remittances providers, Unistream, which has created great potential to build its payout network in the former USSR countries and Eastern Europe.</span></div>
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<span class="s1">“We are looking at improving our financial indicators, as well as launching and developing our online presence. We will place an emphasis on low transaction costs. This will cause an effective decrease in black market operations and bring money transfers into the open, regulated sphere. This benefits the host country's economy and our customers,” said the president for the Banque du France-licensed company.</span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-8437110376085928702016-08-26T11:37:00.002-07:002016-08-26T11:37:28.311-07:00Tempo Money Transfer starts operations in Cuba and Haiti, in alliance with 'More Money Transfers' <div class="p1">
<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">International remittances provider, Tempo Money Transfer, started its operations in Cuba and Haiti in alliance with 'More Money Transfers'. The Paris- headquartered company and Uruguay-based operator successfully established the joint project and commenced remittances from Tempo's locations in France and Germany with the option to receive funds in More Money's locations in the two Caribbean countries. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The number of locations exceeds 300 in Cuba and reaches nearly 500 in Haiti.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The service opens the door for account-crediting in Cuba.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Both parties believe that the project has great potential.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“Just recently Cuba started taking its first steps towards integrating into the global economy, which means more prospect for tourism and, in future, likely more options for Cubans to travel and work in foreign countries,” said the president for Tempo Money Transfer, Mr. Jeffrey Phaneuf. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">He said also that the demand for the services of genuine European standards is on the rise in Haiti, which has traditionally been one of the most lucrative tourist destinations.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">The Montevideo - headquartered company said that the joint project in which the two companies successfully commenced, is a significant step forward, even to the regional money transfer market.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">“Cooperation between Tempo and us is focused on a very important and promising money transfer corridor. The start manifests its further development throughout all Latin America, where our company has a strong position and where there has been a stable demand for EU-quality services,” the company said. </span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">Currently, Tempo Money Transfer operates over 70 locations in France and Germany. The EU-licensed remittances provider has been very active on the international money transfer curcuit.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">For the past 12 months it has released ambitious projects in Asia, Northern and Equatorial Africa, as well as in Europe.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">According to the company’s 2015 results, Tempo Money Transfer operates in over 100 countries and the number of service locations exceeded 180 thousand.</span></span></div>
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<span class="s1"><span style="font-family: Arial, Helvetica, sans-serif;">One of the main priorities of the company, is an introduction of low transaction costs, which makes for a decrease in the black market and bringing remittances into regulated view.</span></span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com1tag:blogger.com,1999:blog-3889144936778677968.post-17027214138782365132016-08-26T11:36:00.002-07:002016-08-26T11:36:47.292-07:00YES Bank ties-up with Global IME Bank<span style="font-family: Arial, Helvetica, sans-serif;">YES Bank becomes the first bank in India launching Indo-Nepal remittance for Nepalese residents in India. </span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">YES Bank, India’s 5th largest private sector bank, today announced the launch of its Indo-Nepal Remittance through its collaboration with 3 Banks in Nepal viz. Global IME Bank, Mega Bank and NMB Bank.</span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Nepalese migrants can now register for this program with Nepalese ID documents and initiate remittance. They can deposit cash and this money will be remitted to the beneficiary’s bank account or cash will be disbursed though over 3000 agent points and 100+ branches of Global IME Bank, Mega Bank and NMB Bank in Nepal.</span><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">There are over 4 million Nepalese citizens in India, remitting an estimated amount of INR 30,000 Crores annually, of which only about 10% go through formal banking channels. </span>IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-73887634428065236042016-08-24T07:10:00.002-07:002016-08-24T07:10:25.684-07:00Peru remittances<span style="background-color: white; font-family: Domine; font-size: 15.36px; line-height: 19px;">Remittances to Peruvian amounted to US$721 million in 2016's second quarter.</span><br />
<span style="background-color: white; font-family: Domine; font-size: 15.36px; line-height: 19px;">Representing an 8% increase from the same period last year, Peru's Central Reserve Bank (BCR) reported</span><br />
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First position by USA. R<span style="font-size: 15.36px;">emittances from the United States accounted for 26% of the total (between </span><span style="font-size: 15.36px;">April and June 2016)</span><span style="font-size: 15.36px;">.</span></div>
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Chile held the second position (10%) with a 13% growth, followed by Italy (up by 38%).</div>
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<span style="font-size: 15.36px;">Likewise, remittances from expatriates in Japan and Argentina grew by 9% and 25%, respectively. However, Spain-originated flows decreased 2%.</span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-20982716208487936492016-08-23T02:57:00.006-07:002016-08-23T02:57:49.434-07:00Tempo starts large project in Central AfricaTempo Money Transfer, in collaboration with its partner Express Union has begun a large project in Africa, where the France-based company has been carrying out intensive development. The focus of the project, is the Central African nations – Cameroon, Chad, DRC , Central African Republic, Ivory Coast, Congo, Gabon, West Africa and Rwanda. The completion of the project provides the customer with more than 400 pay-out locations, excluding those of EU’s local agents. <br />
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Clients are now able to send money from Tempo locations in Germany and France and collect the cash in outlets operated by Express Union and its local agents in the countries mentioned. The new network covers the countries’ big cities and towns, while outlets are safely located in business areas and shopping malls where the businesses successfully operate. In his comments at the start of the project, president for Tempo, Mr. Jeffrey Phaneuf said that with its over $90-billion money transfer market, Africa features tremendous potential for ambitious players. <br />
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Tempo expect a 1.5 percent segment growth in 2016. The company has rapidly been stepping up its network in the market. It recently rolled out its pay-out network in Nigeria, Guinea, Senegal, Gambia, Mauritania and Sierra Leone. The company together with one of Africa's leading financial technology providers, are in the process of launching a large-scale project in Nigeria. It enables clients to send money from Tempo's locations in Germany and France, to credit the funds into any bank account or mobile wallet, of a cell operator in Nigeria. <br />
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The Nigerian project is very close to completion. According to Tempo’s estimates, this remittances segment accounted for over $25 billion. “Development in Africa is one of our top priorities. The key elements of the strategy here are enlarging the size of the pay-out network, as well as widening the product spectrum, this includes not only account crediting, but in the future, bill payments. African countries have rapidly developing infrastructure and intellectual potential for this,” Mr. Phaneuf said.IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-39722912265890634872016-08-23T02:52:00.001-07:002016-08-23T02:52:04.858-07:00Alipay and Ingenico<div>
Ingenico, the Paris-based payments software and terminals, has signed a partnership with Alipay. This new agreement will enable many of the estimated 12.5m Chinese tourists visiting Europe to pay for goods and services using the platform.</div>
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IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-21390705985133254562016-08-21T07:38:00.002-07:002016-08-21T07:38:56.033-07:00Bangladesh remittances<span style="font-family: Verdana, sans-serif;">Bangladesh received $503.78 million in remittance during the first 12 days of the current month of August.</span><br />
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<span style="font-family: Verdana, sans-serif;">Bangladesh Bank statistics shows that maximum remittance came through private commercial banks as they received $334.09 million while the nine foreign banks $5.51 million.</span><br />
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<br />IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-72312833638645166572016-08-21T06:27:00.001-07:002016-08-21T06:27:36.072-07:00From UAE to EgyptThe World Bank has released figures showing that Egypt is the country that receives the highest amount of remittances in the MENA region. In 2015, the country received an estimated $19.7bn in remittances from around the world, of which $1.83bn was received from Egyptians residing in the UAE.<br />
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Remittances play an important role in the Egyptian economy, contributing to 6.8% of the country’s GDP in 2014.<br />
<br />IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-84978614110674265002016-08-21T05:34:00.004-07:002016-08-21T05:34:28.448-07:00Remittances startup Ozaremit<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">Ozaremit recently secured a six-figure investment from three angel investors focused on the emerging markets. Thibault Launay, Romain Girbal and Célia Grémy are French investors who have an interest in early to mid-stage startups including an African classifieds service called Afrimalin that’s active in 8 Francophone countries.</span></span><br />
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<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">According to the information shared by the Ozaremit co-founders Ibrahima Soumano and Takwana Tyaranini the three investors have collectively acquired a significant amount of equity in Ozaremit.</span></span><br />
<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;"><br /></span></span>
<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">This capital will be used for product improvement (there’s work being done on the web interface and a mobile app is also in the pipeline) and some efforts at gaining visibility through an aggressive marketing campaign.</span></span><br />
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<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">It’s also meant to open up Ozaremit to new services with focus areas set to be mobile money and goods (invoice payment) remittances. This fulfils the initial plans that the Ozaremit co-founders spoke of a few months ago.</span></span><br />
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<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">Their service started off with one service focused on mobile (ie the airtime remittances) before jumping into the lucrative money transfer track.</span></span><br />
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<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">The Ozaremit team says it’s confident that with the growth it is registering in users and revenue right now it will be able to secure more capital before the end of 2016. It is eyeing another 6 figure investment through the network of international business angels that it is working with.</span></span><br />
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<span style="color: #606060; font-family: Verdana, sans-serif;"><span style="background-color: white; line-height: 28.56px;">If successful, the team says that its valuation should exceed 2 million euros by the beginning of 2017.</span></span>IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-54533110189293208142016-08-21T05:27:00.006-07:002016-08-21T05:27:57.662-07:00Bitspark and Vitaxel<span style="background-color: white; color: #222222; font-family: Verdana, Geneva, sans-serif; font-size: 15px; line-height: 26px;">Bitspark, headquatered in Hong Kong, was founded in April 2014 and </span><span style="background-color: white; color: #222222; font-family: Verdana, Geneva, sans-serif; font-size: 15px; line-height: 26px;">specialises in remittances services in the Asia Pacific region. It is also known for introducing the world’s first brick-and-mortar bitcoin remittance vendor in Hong Kong.</span><br />
<span style="background-color: white; color: #222222; font-family: Verdana, Geneva, sans-serif; font-size: 15px; line-height: 26px;">Bitspark has signed a Master Agreement with Vitaxel Group to enter the Malaysian market. The partnership will enable customers in Malaysia to access </span><span style="background-color: white; color: #222222; font-family: Verdana, Geneva, sans-serif; font-size: 15px; line-height: 26px;">Bitspark’s full services at local money transfer outlets and provide an option for individuals to utilise mobile payments.</span><br />
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The partnership with Vitaxel will allow the startup to add Malaysia and MYR as a supported country and currency. Bitspark currently allows for remittances to the Philippines, Indonesia and Vietnam and has over 100,000 cash pickup locations.</div>
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Vitaxel, a market leader in the MLM and e-commerce space, has over 5,000 distributors in 16 countries in Asia. The firm is primarily engaged in the direct selling industry with an emphasis on travel, entertainment and lifestyle products and services.</div>
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For Bitspark, Malaysia’s remittance market represents a significant opportunity. In 2014, Malaysia – Indonesia was the <a href="http://www.marketresearch.com/product/sample-9022206.pdf" style="box-sizing: border-box; color: #4db2ec; text-decoration: none;">largest remittance corridor</a> in Southeast Asia. This is notably due to the high number of Indonesians working abroad in the region in countries such as Malaysia and Singapore.</div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-38120073218314214532016-07-28T10:16:00.000-07:002016-07-28T10:17:17.343-07:00Tempo Money Transfer issues H1 2016 operational results. Services available in nearly 195,0000 locations in 120 countries<br />
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The international France and Germany – based remittances service provider, Tempo Money Transfer issued operational results of its activity for the period of January – June 2016.</span><br />
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In a statement, the Paris-headquartered money transfer company said that the number of service locations has reached 195, 0000 and the number of countries where its services are present, exceeds 120.<br /><br />
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<span class="s1">The spectrum of services now includes cash-to-cash transactions, account-crediting, remote bill payments, cell phone top ups, available internationally.<br /><br />
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<span class="s1">In January-June, the company has completed 10 large-scale projects in various world regions including Europe, Asia and Africa.<br /><br />
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<span class="s1">The Paris-headquartered system started bill payments in the Philippines, and commenced operations in Vietnam and Mongolia.<br /><br />
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<span class="s1">In these two Asian countries, Tempo started its collaboration with one of the CIS-leading remittances providers, Unistream, which has created great potential to build up its payout network in the former USSSR countries and Eastern Europe.<br /><br />
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<span class="s1">Currently, the total number of outlets supporting Tempo's pay-out function, exceeds 20,000 in Eastern Europe and CIS.<br /><br />
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<span class="s1">Within the reporting period, the BdF-licensed company managed to significantly build up its operations in Africa.<br /><br />
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<span class="s1">Its operations reached the planned indicators in Morocco.<br /><br />
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<span class="s1">The system started operations in 18 countries in the African continent including Benin, Burkina Faso, Ivory Coast, Niger, Tanzania and Togo.<br /><br />
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<span class="s1">The number of financial institutions covered included 3 banks in Ivory Coast, 6 in Burkina Faso, as well as 4 banks and the nation-wide post service in Benin.<br /><br />
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<span class="s1">The number of new locations where clients can collect cash, was almost 600 in these 3 countries alone.<br /><br />
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<span class="s1">In his comments on the results, the president for Tempo, Mr. Jeffrey Phaneuf said that the 1st half of the year was marked by intensive development, regarding new partnership commencement.<br /><br />
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<span class="s1">He also said that during this period Tempo has covered all necessary bases to launch its unique and state-of-the -art online option, which is expected to be available shortly.<br /><br />
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<span class="s1">“As a company specialized in outbound transactions from one of the most vibrant EU markets, (France and Germany), we pay special attention to the developments across the World. But at the same time we do understand that the future belongs to online transfers. The demand for these kind of services is coming from all categories of client." Mr. Phaneuf said.<br /><br />
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<span class="s1">Tempo’s president mentioned also that the company managed to widen its product line. A project to make remote bill payments, took flight in the Philippines.<br /><br />
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<span class="s1">Its successful completion enables clients to settle their utility bills in the Philippines, from its locations in France and Germany. The spectrum of which, includes electricity, water, internet, mobile services, cable TV, insurance and health.<br /><br />
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<span class="s1">Mr. Phaneuf said that in 2016, the company will follow its main goals and principles.<br /><br />
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<span class="s1">“We are looking at increasing our financial indicators, as well as launching and developing the online option . We will make accent on low transaction costs. This makes for an effective decrease in the black market and brings money transfers into the open, regulated sphere. This benefits the host country's economy and our customers,” said the president for the Banque du France -licensed company.</span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com2tag:blogger.com,1999:blog-3889144936778677968.post-12159148223058443932016-07-15T06:30:00.004-07:002016-07-15T06:30:33.595-07:00Tempo Money Transfer and Unistream build on collaborative venture. More countries covered<br />
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International money transfer system, Tempo Money Transfer and one of the CIS –leading remittances provider, Unistream, have successfully completed the next stage of joint project.</div>
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Clients can now send money from Tempo’s locations in Germany and France and collect cash in Unistream’s pay-out locations, in Albania, Belarus, Bulgaria, Georgia, Kyrgyzstan, Moldova, Romania and Tajikistan, as well as Turkey and Uzbekistan.</div>
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The completion of this stage of collaboration has led to an increase of 11,000 pay-out locations, for Tempo, in Europe.</div>
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Paris-headquartered, Tempo and CIS-based remittances operator, Unistream, started cooperation this year. The first stage of the project opened opportunities for clients to transfer money from Germany and France to Mongolia, Vietnam and some CIS countries. The total number of payout locations soared by almost 12, 000. "The focus of Tempo Money Transfer&#39;s activity lays in Europe, particularly in France and Germany. In this regard, we offer affordable tariffs and EU-standard services," said president for the Paris-headquartered company, Mr. Jeffrey Phaneuf.</div>
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He also noted that the market of outbound transfers in France and Germany has a unique position in Europe, while the corridor (France – CIS) is one with great potential, this is due to a large number of migrants from former Soviet Union countries, living and working in France and Germany.</div>
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Mr. Phaneuf also said the high levels of quality and reliable services, Tempo provides, are confirmed by the license issued by the Bank of France (Banque de France).</div>
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He pointed out that Tempo plans to further increase the number of its locations in Germany and France. He also mentioned intensive development, that Tempo is carrying out in the European continent and globally.</div>
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The number of locations in Europe where clients can send money exceeds 70, while the total number of locations where Tempo services are available is over 190,000 in more than 100 countries</div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-89040376983629720232016-06-02T07:10:00.000-07:002016-06-02T07:10:17.415-07:00IAMTN is calling on all key players of the Remittance Industry to join our pledge to endorse “The International Day of Family Remittances”<h2 class="font_2" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; color: #333333; font-family: helvetica-w01-bold, helvetica-w02-bold, helvetica-lt-w10-bold, sans-serif; font-size: 24px; font-stretch: normal; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; text-align: center; vertical-align: baseline;">
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span class="s1">Over 250 million migrant workers live outside the country they call home. A significant majority of them send money home, typically US$200 or US$300 several times a year. </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;">Remittances represent more than three times Official Development Assistance and often surpass foreign direct investment. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;">Remittances are crucial for families and often represent more than 50 per cent of family income. These funds allow families to address their basics needs such as food, housing, health and education but also help them to raise their living standards above subsistence levels. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;">Remittances can also be a powerful engine for development, in particular in rural areas where 40 per cent of the flows go. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;">Remittances are also crucial in fragile states or disaster-affected regions. They are often the only income families have, and thus can play a role in the reconstruction and stabilisation of those states.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;">The International Day of Family Remittances is an opportunity to highlight the immense potential of remittances for development.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The International Day of Family Remittances was unanimously proclaimed by all 176 IFAD Member States during its Governing Council in February 2015, and will be submitted to the United Nations General Assembly for formal endorsement in 2016.</span></div>
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IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com0tag:blogger.com,1999:blog-3889144936778677968.post-80006342752046310892016-06-02T06:49:00.000-07:002016-06-02T06:49:13.614-07:00Tempo Money Transfer strengthens its positions in Africa<div class="p1">
<span class="s1">International remittances provider, Tempo Money Transfer, has significantly strengthened its position in Africa. The Paris-headquartered company successfully completed an integration project, with Senegal-based plateform, Wari.</span></div>
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<span class="s1">The completion of the joint project enables clients to send funds from Tempo’s locations in France and Germany and receive it in financial institution branches, in 18 African countries including Benin, Burkina Faso, Ivory Coast, Niger, Tanzania and Togo.</span></div>
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<span class="s1">The number of financial institutions covered includes 3 banks in Ivory Coast, 6 in Burkina Faso, as well as 4 banks and the nation-wide post service in Benin.</span></div>
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<span class="s1">The number of new locations where clients can collect cash, is almost 600 in these 3 countries alone.</span></div>
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<span class="s1">In Germany and France, the European-licensed company operates over 100 agent locations.</span></div>
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<span class="s1">It is yet another large-scale Tempo project, in Africa. In August last year, the France and Germany – based operator started operations in Guinea, Senegal, Gambia, Nigeria, Mauritania and Sierra Leone.</span></div>
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<span class="s1">The number of locations where Tempo services became available, exceeded 1000 in Senegal, with the country’s 45 cities and towns covered.</span></div>
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<span class="s1">In Guinea, the number of locations is now over 500, in 33 provinces. 50 locations are available in Nigeria, 20 in Gambia and 3 in the capital of Sierra Leone.<br /><br />
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<span class="s1">At the beginning of 2015, Tempo completed a large-scale project in Morocco to start pay-out services in 2,600 locations.</span></div>
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<span class="s1">In his comments on the high volume of business developments in Africa, the president for Tempo Money Transfer, Mr. Jeffrey Phaneuf said that the economies of many African countries, vitally depend on remittances.</span></div>
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<span class="s1">“The population in the vast number of countries [in the continent] depends on the money, their loved ones send from Europe, particularly from Germany and France. This makes the development of money transfer corridors in Africa, a very important task and gives it a significant social role,” he said.</span></div>
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<span class="s1">Tempo has diligently been working on their services, to facilitate financial inclusion for people with lower income, he said.</span></div>
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<span class="s1">“One of our main priorities is providing European quality and reliability, with an accent on affordable transaction costs. This makes for effective decrease in the black market, bringing the transactions into the open, regulated sphere. This benefits the host country's economies and our customers, as well.”</span></div>
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<span class="s1">One of the most ambitious money transfer market players in the EU field, Tempo Money Transfer operates in over 120 countries worldwide. Its services are available in over 190 000 locations, offering its clients services of genuine European standards.</span></div>
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<span class="s1">Besides money transfers, the product spectrum includes remote top up of mobile phones globally and bill payment.</span></div>
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<span class="s1">Tempo France has registered its trademark with OHMI, and is a member for the IAMTN.</span></div>
IAMTNhttp://www.blogger.com/profile/07987866409798011230noreply@blogger.com2