FSV Payment Systems Inc., a leading provider
of stored value processing and prepaid card solutions, and MiCash Inc.,
an innovative licensed money transfer business, has announced the
general availability of a fully integrated card-to-cash international
money transfer functionality on prepaid payroll debit cards offered by
FSV. This unique functionality is available currently to MiCash prepaid
Unlike card-to-card money transfer solutions for payroll debit cards,
the MiCash / FSV solution does not utilize a companion card that must be
delivered to the recipient in advance. The recipient can collect funds
in cash at one of Bancomer Transfer Services’ more than 12,000 locations
in Mexico, South and Central America, India, the Philippines, China and
other locations. Fund recipients could also choose to have the money
deposited to a bank account for certain destinations.
Worldwide remittances are estimated at $300 billion for 2006, according
to a report by the UN International Fund for Agricultural Development
(IFAD) and the Inter-American Development Bank (IDB).
“The MiCash / FSV money transfer solution delivers convenience to
cardholders without requiring a behavior change on the part of the
recipient,” said Jonathan Palmer, FSV’s President and CEO. “The process
takes only minutes to complete – from the cardholder’s phone call to FSV
or request on a secure Web portal, to the recipient picking up the cash
at a local bank or money transfer agent, or even having it delivered to
his or her home.”
The service is competitively priced for payroll debit card holders.
Cardholders pay a low flat fee regardless of the destination country,
delivery method or amount of the transfer.
“Extending our unique international money transfer capability to FSV’s
payroll cardholders demonstrates the power of our partnership to provide
unmatched convenience and value to customers,” stated MiCash Chief
Executive Officer, Daniel Levinas.
FSV’s payroll cardholders who regularly make international money
transfers establish a list of friends and family who may be recipients.
All recipients are screened in advance, and velocity limits control the
frequency and amount of transfers to assure compliance with regulations.
The service is available to cardholders residing in states where MiCash
is an authorized money service business.
About FSV Payment Systems
FSV Payment Systems is a leader in the stored-value and prepaid debit
card industry, providing full-service programs and processing services.
Founded in 1999, the company has extensive experience in payroll and
benefit cards, loyalty, rebates and promotions, healthcare and gift
cards. The Company is headquartered in Houston, Texas and operates a
state-of-the-art Client and Customer Service Center in Jacksonville,
Florida. For more information, visit www.fsvps.com.
MiCash Inc. is a leading provider of financial services to underserved
consumers and a pioneer in offering remittance-enabled general purpose,
re-loadable, prepaid debit cards as well as remittance-enabled payroll
debit cards. MiCash is a federally-registered Money Service Business
(MSB) that complies with state and federal laws and regulations,
including the Bank Secrecy Act and USA PATRIOT Act. For more
information, visit www.micashcard.com.
About Bancomer Transfer Services
Bancomer Transfer Services, Inc. (BTS) is a non-bank subsidiary of BBVA
Bancomer and is licensed for money transmission from the United States
abroad. Provider of money transfer services since 1995, BTS is
headquartered in Houston, Texas and currently provides service to
Mexico, the Caribbean, Central and South America, Europe and Asia. BTS
has the largest bank distribution in Latin America.