InteleTech Corporation of America, Inc., developer of the “InstaBanc” prepaid debit/value-added card, announced it has completed the acquisition of CashMover, Inc. in a stock and cash transaction.
InteleTech expects that this acquisition will further enhance InstaBanc’s services and its ability to be marketed worldwide. Liam Hutchinson, President and CEO of InteleTech, stated, “The addition of CashMover, Inc. and their transaction technologies will further add to the InstaBanc Card’s emergence as a leader into the debit/value-added card industry. We look forward to enhancing InteleTech’s future business strategies by using CashMover, Inc.’s proven transaction technologies and incorporating these into the InstaBanc Card’s many features and services.” CashMover, Inc. currently has a contract with numerous stores in Mexico for their value added cards and the CashMover brand has seen growth in Latin America. The CashMover brand will serve as an easy and safe interface for consumers to transfer funds online. This system complies with the Patriot Act and OFAC rules and works with third parties on money transmittal licenses. This system has successfully evolved over the years and currently uses magnetic strip cards as the means to process money transmittals. The advanced switching and routing features of the system are extremely important to InstaBanc’s future in being able to provide network services for both issuing and acquiring. These features and services will give InstaBanc the ability to become a household name like American Express, Visa, or MasterCard. InstaBanc can now combine the services of an ATM Card, retail purchase card, loyalty card, security card, phone card, bill payment, and money transmittal services to make Stored Value Cards with real value for the medium and low income market. This combination of services ensures greater marketability of InstaBanc’s products and services giving it a competitive advantage over the larger networks and processors who do not have combined processing in one platform, therefore hindering their ability to provide such a wide range of incorporated services.
About InteleTech Corporation of America, Inc.: InteleTech Corporation of America, Inc. is the developer of the InstaBanc prepaid debit card. The development of the InstaBanc card was derived from the demand expressed by the e-commerce industry to develop tools and systems to improve the process of enabling secure non-credit payment over the Internet and through traditional banking mediums. InteleTech is, in part, a dedicated e-commerce services company. The company provides the proprietary software and backup to enable participating companies and users to trade electronically using the InstaBanc card. InteleTech’s products are based on industry standards for e-commerce and are functionally specified by the banking industry and end users. The cards can be used at any ATM machine worldwide. More information can be found on InteleTech Corporation of America at [www.InteleTech.tv] .
About CashMover, Inc.: CashMover, Inc. is an online payment, loyalty, and security brand. CashMover, Inc. issues and processes credit, debit, prepaid and other cards online and offline under their own brand and for others. CashMover, Inc. also specializes in computer software and the movement of international monies. More information can be found on CashMover, Inc. by visiting their website at [www.cashmover.com].