Nexxo Financial offers remittance by 'ATM' from new US branches
02 October 2009 | 3484 views | 0
Source: Nexxo Financial
Nexxo Financial Corporation, the leader in self-serve remittance for the U.S. Hispanic market, announces the addition of retail branch locations in Los Angeles and Chicago to its network of more than 900 service sites. The company recently acquired Banco Agromercantil Guatemala's wholly owned Del Agro money remittance branches in the U.S
Branches have been equipped with Nexxo Cajeros, ATM-like machines that offer consumers an easy, convenient and affordable way to send money to Mexico, Central and South America. This latest expansion comes on the heels of several branch conversions in recent months through acquisitions of Aval Envios, a U.S. remittance offering of Financial Group One in Central America, and BancoSal, a non-affiliated entity of Banco Salvadoreno/HSBC El Salvador. Nexxo Financial expects to transform more branches in the near future to meet growing demand for the model.
"Our experience from the operations side to customer satisfaction on retail branch conversions has been excellent," said David Alvarez, Chief Executive Officer for Nexxo Financial. "This model provides powerful benefits to international institutions in the remittance industry because they can continue to have a brand presence and quality interaction with customers in the U.S. without the high cost and responsibility of operating traditional branch locations here."
The Del Agro sites are co-branded allowing the company to maintain their brand presence while Nexxo Financial is handling all of the branch operations. Former Del Agro employees are managing the customer experience using Nexxo Cajeros instead of manually handling transactions reducing the risk of fraud and offering improved customer service capabilities. Remitters can continue to send funds to their preferred Banco Agromercantil location in their home country.
"We are very pleased with our decision to use Nexxo Financial's solution for our branches," said Carolina Liscutin, president of Banco Agromercantil Del Agro. "After visiting several of their technology-driven branches, we were impressed with the model and are confident that our U.S. customers will like this approach to sending money home to Guatemala."
Nexxo Financial also offers U.S. customers several benefits including receiving confirmation of a money transfer transaction via text message on cell phones and the convenience of conducting transactions at several service locations including where Nexxo Cajeros are deployed and in partner kiosks. Customers can send funds to an expansive network of more than 21,000 bank branches and pick-up centers throughout Mexico, Central and South America.
"Nexxo is becoming a leading option for financial institutions abroad that are looking to reduce costs while growing their business in the U.S.," said Freddie Seba, Vice President of Business Development for Nexxo Financial. "Our technology allows us to capitalize on the current divestiture trend where large players in the remittance industry have realized that there are better ways to service their customers."