FSV Payment Systems and MiCash in money transfer tie-up
17 January 2008 | 2120 views | 0
Source: FSV Payment Systems
FSV Payment Systems, a leading provider of stored value processing and prepaid card solutions, and MiCash, an innovative licensed money transfer business, today announced the general availability of a fully integrated card-to-cash international money transfer functionality on prepaid payroll debit cards offered by FSV.
This unique functionality is available currently to MiCash prepaid debit cardholders.
Unlike card-to-card money transfer solutions for payroll debit cards, the MiCash / FSV solution does not utilize a companion card that must be delivered to the recipient in advance. The recipient can collect funds in cash at one of Bancomer Transfer Services' more than 12,000 locations in Mexico, South and Central America, India, the Philippines, China and other locations. Fund recipients could also choose to have the money deposited to a bank account for certain destinations.
Worldwide remittances are estimated at $300 billion for 2006, according to a report by the UN International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB).
"The MiCash / FSV money transfer solution delivers convenience to cardholders without requiring a behavior change on the part of the recipient," said Jonathan Palmer, FSV's President and CEO. "The process takes only minutes to complete - from the cardholder's phone call to FSV or request on a secure Web portal, to the recipient picking up the cash at a local bank or money transfer agent, or even having it delivered to his or her home."
The service is competitively priced for payroll debit card holders. Cardholders pay a low flat fee regardless of the destination country, delivery method or amount of the transfer.
"Extending our unique international money transfer capability to FSV's payroll cardholders demonstrates the power of our partnership to provide unmatched convenience and value to customers," stated MiCash Chief Executive Officer, Daniel Levinas.
FSV's payroll cardholders who regularly make international money transfers establish a list of friends and family who may be recipients. All recipients are screened in advance, and velocity limits control the frequency and amount of transfers to assure compliance with regulations.
The service is available to cardholders residing in states where MiCash is an authorized money service business.