VerifySmart (VSMR: OTCBB): ("VerifySmart" or the "Company"), a global leader in secure and fraud free credit and debit payment processing services, today signed a 50-50 revenue sharing agreement (the "Agreement") with i-Pay Commerce Ventures Inc ("IPCV")., a subsidiary of the Intellectual Property Ventures Group Corporation, a listed company on the Philippine Stock Exchange (PSE), to initiate a two-stage integration of the Company's VerifyTransfer platform.
IPCV is a major player in Asia's Information and Technology sectors, with a focus on telecommunications, on-line gaming, and business process outsourcing.
The Agreement commences immediately with an initial three-month pilot undertaken by multiple IPCV remittance offices, whereby IPCV will utilize VerifySmart's VerifyTransfer(TM) platform to securely and safely enable pre-paid Visa cards subscribed from China Trust Commercial Bank, one of Central and Southeast Asia's largest financial institutions.
On conclusion of the three-month pilot phase, more than 100 IPCV remittance offices located throughout Southeast Asia, will adopt VerifyTransfer(TM) as their integrated fraud detection and prevention technology. Based on the current $22B annual spend on in-bound remittance transfers in the Philippines today, the Company estimates a conservative one percent share of the market, gained over two years - or $10M USD net gross to VerifySmart.
"VerifySmart is pleased to sign an agreement with IPCV, one of the premier remittance corporations in the Philippines. The Philippines is one of the largest remittance countries, where overseas workers send over $22B USD home to family members every year. By incorporating our secured VerifyTransfer transaction platform in this major Southeast Asian market, and demonstrating its stability and reliability, there is significant opportunity for VerifySmart to gain traction quickly and become the standard for remittance transaction security worldwide," says VerifySmart CEO Ralph Santos.