IN Switch has integrated its platform with TransferTo's extensive global network, enabling mobile money operators (MMOs) to expand their portfolio and offer cross-border payment solutions using mobile wallets.
Globally, more than 2 billion adults do not have access to formal financial infrastructure, but 1.7 billion own a mobile phone.1 Mobile money plays a key role in promoting financial inclusion to the world's unbanked and underbanked population, and bridges the gap between services offered in developed countries and those available in emerging markets.
Major players including Tigo Money and the Central Bank of Ecuador (BCE) are already using this end-to-end solution, significantly improving their customers' experience and increasing loyalty and revenue, all under their own trusted and recognized brands.
By using mobile wallets to transfer money home, migrant workers avoid the hassle of going to a store or bank. This solution allows migrant workers in the United States to send money to their family and friends in Latin America in a simple, secure way, with real-time delivery directly to the recipient's mobile wallet.
Eric Barbier, President of TransferTo, said, "By partnering with IN Switch we can help mobile money operators (MMOs) leverage new avenues to reach customers across borders and deliver a complete branded experience to grow their business. This is the fastest way for our money transfer partners to serve both migrant workers sending money home and their families receiving it."
"We partnered with TransferTo because of their extensive reach and expertise in emerging markets" said Amilcar Perea, CEO of IN Switch. "Mobile money operators can count on IN Switch's mobile financial services platform facilities and the strength of TransferTo's cross-border mobile payments network, allowing them to focus on customer acquisition, service expansion and revenue growth."
Source: GSMA - Mobile Money - Enabling Regulatory Solutions
About TransferTo
TransferTo operates a B2B cross-border payments network for emerging markets, processing real-time transactions for money transfer operators, mobile operators, mobile 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 payments solution for digital payments.
Through a network covering 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 in 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 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 UK for the Money Laundering Regulations as a Money Transmitter (Ref. 12807977).
About IN Switch
IN Switch is a leading global provider of Mobile Value Added Services, specializing in Mobile Financial Services. Since 2002, IN Switch designs, installs and supports financial and telecom solutions. With its portfolio of products, IN Switch enables its customers to enhance the end customer experience through the mobile channel, and increase loyalty and revenue. IN Switch has more than 120 platforms installed in more than 40 countries in Latin America and the Caribbean.
IN Switch has led the most notable e-money projects in LATAM: the first e-wallet launched by TIGO Paraguay in 2008, the Electronic Money System of the Central Bank of Ecuador launched in 2014, two of the main mobile money projects in Argentina launched this year -Nación Servicios and Rapipago-, and new projects in Mexico, Bolivia and El Salvador.
IN Switch also provides, through its PCI-DSS platform, several mobile financial services to different leading payment methods such as Visa and MasterCard and international financial institutions such as Banco Santander and Banco Itaú in Uruguay.
For more information, please visit: www.inswitch.com
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