Kash Mart International(“KMI”), the world’s largest private retail electronic payments network, today extended the global reach of its KMI Money Transfer Service to Ukraine, Latvia, Nepal and the United Arab Emirates, some of the world’s most active territories for international remittance.
In addition, KMI announced the launch of a new managed service that reduces the time and development investment required for a financial institution to offer KMI Money Transfer to its customers. Initially available in UK, Canada and the United States, and later on a global basis, the service is intended to foster more rapid adoption of the service in marketplaces around the world.
KMI Money Transfer gives consumers a convenient, cost-effective and secure way to send funds directly to recipients’ of KMI domestically and internationally. Senders can initiate a KMI Money Transfer to make person-to-person payments, send funds to friends or family members, or make account transfers. Sender channels through which a KMI Money Transfer can be initiated include internet banking, Automatic Teller Machines (ATM), self-service kiosks, in person at a bank branch, or via the telephone.
Following these launches, KMI Money Transfer programs are offered to consumers in greater China, including Hong Kong; Georgia; India; Indonesia; Kazakhstan; Malaysia; Russia; Singapore; Sweden; Ukraine; and the United Arab Emirates. KMI Money Transfer is available via 50 sending institutions in 14 countries and territories around the world.
“KMI is well positioned to facilitate secure and cost-effective money transfer services by extending the capabilities of our global network that can connect 2.5 billion people,” said Kingsley Whyte, Ex Director, KMI. “This enables our clients to diversify into new fee-based services, while meeting their customers’ need for a convenient, secure and affordable way to send money domestically and across borders.”
Working with Leading Institutions
KMI Money Transfer program, will be available initially in Beijing, Shanghai and Shenzhen and will provide some 20million internet banking customers a safe and convenient option to transfer funds to KMI globally. The new KMI Money Transfer service will be targeted at those with family members working or studying abroad, primarily in Canada, United Kingdom, Japan, Singapore, Hong Kong, France and Germany and will make it easier for them to send funds.
The web based Money Transfer platform allows the service to be extended easily to additional member banks.
Worldwide – The KMI Money Transfer managed service launched will provide KMI clients with an end-to-end packaged solution that gives them the ability to customize several elements of the service including consumer fees, branding, foreign exchange rates, transaction limits and language preferences, in addition to core transaction processing.
Continued Global Expansion
While the Asia Pacific region is leading the deployment of new KMI Money Transfer programs, significant momentum has been gained around the world.
Russia –Banks in Russia already offer KMI Money Transfer. In partnership, KMI introduced the first implementation of its enhanced KMI Money Transfer service for express funds transfer..
Ukraine – In partnership, KMI launched a money transfer service which, from October 2009, allows any KMI account holders to use the service via bank’s ATMs for domestic transfers to other KMI account holders in Ukraine.
About KMI Money Transfer
KMI’s goal is to use its global processing platform and account base to make money transfer among the KMI accounts around the world safe, convenient and reliable. To this end, KMI is continually enhancing existing programs and developing new services. Work underway includes technology infrastructure improvements to support global processing of KMI money transfers, and to open new channels through which remittances can be sent and received, including through financial institution branches, the internet, mobile devices and KMI’s global network.
As a global company, operating the world’s largest private payments network, KMI is well positioned to deliver flexible services that meet the demand for money transfer services and to support the introduction of KMI Money Transfer service to new geographies in key domestic and cross-border money transfer corridors.
