Tempo Money Transfer 2016 annual results issued - transactions up 160 percent

International money transfer operator, Tempo Money Transfer, has issued the results of its operational and financial activity in 2016.

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.

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. 

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.

“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.

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.

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.

“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 migrants. 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.

 “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.”

Tempo Money Transfer and Samsara Money Transfer have launched option of account crediting in Nepal

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.

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.

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.

The number of Tempo locations where clients can send money from Germany and France is currently over 170.

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.”

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.

“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.

Tempo Money Transfer has integrated into the Stellar Blockchain

Tempo Money Transfer, has successfully completed integration with the financial platform, Stellar. 

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. 

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.

““This is the start of achieving our mission of enabling a worldwide financial network that anyone can use, ” he said.

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.

“This will allow our clients to send funds faster, more reliably and for less money.”

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. 

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.

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.

According to the latest statement, the number of cash agent locations soared to more than 218 in Germany and France.

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.