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GlobeTel licenses Rapidmoney funds transfer software

18 July 2005  |  843 views  |  0 Source: GlobeTel Communications

GlobeTel Communications Corp. (AMEX:GTE) today announced that it has entered into a licensing agreement with RapidMoney Corporation, that allows GlobeTel to use and modify the RapidMoney system.

GlobeTel, along with its venture partner, Grupo Ingedigit of Caracas, Venezuela (GI), will incorporate the current RapidMoney funds transfer software applications for merchant Point of Sale (POS) terminals into the GlobeTel Stored Value International Remittance Services. Furthermore, this license allows GlobeTel and GI to develop additional applications based on the RapidMoney system that will be deployed in the retail locations which are offering GlobeTel's Stored Value Card Program services. GlobeTel expects to test the new funds transfer services in August at over 2,500 merchant POS locations.

Timothy M. Huff, CEO of GlobeTel, stated, "We are extremely pleased to be working with RapidMoney Corporation. Expanding the number of Stored Value Services that we offer at increasing numbers of merchant POS locations continues to fulfill our business plan to be a highly recognizable source for domestic and international funds transfer services, private account prepaid calling services and other prepaid services. We continue to concentrate increasing our market penetration in specific ethnic communities where the demand for these services is greatest."

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