TransferOrbit acquires FonWallet's Mobile Money Transfer and Bill Payment Platform

TransferOrbit acquires FonWallet's Mobile Money Transfer and Bill Payment Platform

TransferOrbit, a US based electronic intermediary for money transfer providers, has expanded its processing platform to include the capture of both money transfer and bill payment through Mobile Phones. FonWallet, developer of mobile transaction solutions for TransferOrbit, will continue to offer TransferOrbit as an integral part of its Mobile Banking Solutions. The company says, “TransferOrbit’s fully integrated delivery methods in the money transfer industry will help FonWallet Mobi products enter the market with an established customer base…TransferOrbit is inviting Banks to enter the Money Transfer and Bill Payment Business and attract the elusive under-banked sector with transactions that better reflect their needs for financial services, like transfers and bill payment solutions."

Banks and non-banks use the Company's scalable, turnkey system of proprietary software and secure network processing to facilitate the person-to-person transfer of money on a "private label basis" throughout Latin America. Providers piggyback on the Company's established network in the United States and 17,000 transfer agents in countries throughout Latin America. FonWallet is a "transaction facilitator" enabling seamless execution of any transaction or payment across multiple user interfaces, including TV Set-Top boxes, Mobile Phones, Desktop Computers, etc.