Miami, 27 September 2017 – TransferTo, a leading Cross-Border B2B Mobile Payments Network, and IN Switch, a leading global technology provider of Mobile Financial Services (MFS), have teamed up to facilitate international money transfer services across Latin America. IN Switch has integrated its platform with TransferTo’s extensive global Network, allowing Mobile Money Operators (MMOs) to expand their portfolio and offer cross-border payment solutions using mobile wallets.
Globally, there are over 2 billion adults who lack access to formal financial infrastructure, yet 1.7 billion own a mobile phone.1 Mobile money plays a key role in bringing financial inclusion to the world’s unbanked and under-banked population, and bridging the gap between services offered in developed countries with those available in emerging markets.
Large players including Tigo Money and Banco Central de Ecuador (BCE) have already been using this end-to-end solution, allowing them to significantly enhance the experience for their customers and –in turn-, increase loyalty and revenue, everything under their own trusted and recognized brand.
By using their mobile wallets to send money home, migrant workers avoid the hassle of travelling to a shop or a bank. This solution allows the migrant diaspora in the United States to send money home to family and friends across Latin America in a way that is simple, safe, and delivered in real-time directly into the recipient’s mobile wallet.
Eric Barbier, President at TransferTo, says, “By partnering with IN Switch, we’re able to help Mobile Money Operators harness new avenues to reach customers across borders and deliver a fully branded experience to grow their business. This is the quickest way for our money transfer partners to serve both the migrant workers sending money home and their families receiving it.”
“We partnered with TransferTo as they have an extensive reach and experience in the emerging markets,” said Amilcar Perea, CEO at IN Switch. “Mobile Money Operators can have the ease of IN Switch’s mobile financial services platform with the strength of TransferTo’s Cross-Border Mobile Payments Network – enabling them to focus on driving customer acquisition, scaling up services offering and growing their revenue.”
1: GSMA: Mobile Money – Enabling Regulatory Solutions
TransferTo operates a B2B Cross-Border Mobile Payments Network for emerging markets, processing real-time transactions for money transfer operators, mobile operators, digital wallet providers, banks, NGOs and merchants. Leading companies, including Vodafone’s M-Pesa, Orange Money, Western Union, Xoom, UNICEF and PayPal rely on TransferTo’s mobile payment solutions to perform digital payments.
Through a network which spans across more than 130 countries, TransferTo provides its partners with a global compliance framework for all relevant regulatory requirements.
TransferTo was founded in 2005. The company is headquartered in Singapore, with regional offices in Miami, London and Dubai, and local offices across Mumbai, Jakarta, San Salvador, Nairobi and Barcelona.
For more information, please visit: www.transfer-to.com
TransferTo Mobile Financial Services Ltd. is authorised by the Financial Conduct Authority in the United Kingdom under the Payment Services Regulations 2009 (Ref. 720167) for Money Remittance and the Execution of Payment Transactions as an Intermediary Payment Service Provider. TransferTo Mobile Financial Services Ltd. is also registered with and regulated by HM Revenue and Customs in the United Kingdom for Money Laundering Regulations as a Money Transmitter (Ref. 12807977).
TransferTo Media Contact
PR & Marketing Director
About IN Switch
IN Switch is a globally leading provider of mobile Value Added Service solutions, specialized in Mobile Financial Services. Since 2002 IN Switch designs, installs and supports financial and telecom solutions. Through its portfolio, IN Switch allows its customers to enhance their clients’ experience through the mobile channel, and increase loyalty and revenue. IN Switch has over 120 platforms installed in more than 40 countries of Latin America and the Caribbean.
IN Switch has led the most remarkable mobile money projects in LATAM: the first mobile wallet launched by TIGO Paraguay in 2008, the e-Money System of the Central Bank of Ecuador launched in 2014, two of the main projects of mobile money in Argentina launched this year – Nacion Servicios and Rapipago – , and new projects in Mexico, Bolivia and El Salvador. In addition, IN Switch provides mobile services through its PCI-DSS platform to the leading payment mechanisms such as Visa and MasterCard, and multinational financial institutions such as Banco Santander and Banco Itaú in Uruguay.
For more information, please visit: www.inswitch.com
IN Switch Media Contact
VP of Sales & Marketing