TransferOrbit acquires mobile transfer and bill payment platform from FonWallet

Source: TransferOrbit Corporation

TransferOrbit Corporation (OTC: TRBI) announced today the acquisition of FonWallet's Mobile Money Transfer and Bill Payment Platform.

Following the strategic plan introduced March 18th, TransferOrbit has expanded its processing platform to include the capture of both money transfer and bill payment through Mobile Phones.

"The ability to capture a TransferOrbit transaction via mobile phone will be available to any of our customers by the end of the quarter," said Jorge H. Toro, President & CEO of TransferOrbit.

FonWallet, the developer of mobile transaction solutions for TransferOrbit, will continue to offer TransferOrbit as an integral part of its Mobile Banking Solutions. "This vertical market will be well served by our partner TransferOrbit," said Todd Coulter, President of FonWallet. "Their fully integrated delivery methods in the money transfer industry will help FonWallet Mobi products enter the market with an established customer base," added Mr. Coulter. "TransferOrbit is inviting Banks to enter the Money Transfer and Bill Payment Business and attract the elusive under-banked sector with transactions that better reflect their needs for financial services, like transfers and bill payment solutions."

TransferOrbit, a Florida Corporation, is an electronic intermediary for money transfer providers. Banks and non-banks use the Company's scalable, turnkey system of proprietary software and secure network processing to facilitate the person-to-person transfer of money on a "private label basis" throughout Latin America. Providers piggyback on the Company's established network in the United States and 17,000 transfer agents in countries throughout Latin America.

FonWallet is a "transaction facilitator" enabling seamless execution of any transaction or payment across multiple user interfaces, be they TV Set-Top boxes, Mobile Phones, Desktop Computers, Laptop Computers, Point-Of-Sale devices and so on. FonWallet is taking mobile wallet technology and the mobile wallet concept to a new level, in the areas of security, functionality and ease of use.

FonWallet is paving the way for a new era in the consumers' use of their mobile phones as a secure wallet for banking, traveling, shopping, trading and all other uses of the mobile wallet, in a secure easy to use framework. In addition, the FonWallet solution helps all parties significantly reduce the costs of fraud and identity theft.

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