New York, NY–(HISPANIC PR WIRE)–March 5, 2003–Remesas Quisqueyana-the market leader in money transmittals to the Dominican Republic-today announced the expansion of its pre-paid Cashpin Visa Bank Card program throughout the Dominican Republic. Launched one year ago this month, the Cashpin Visa Bank Card is the first product in the remittance industry to make funds from a cross-border transfer available to a recipient within minutes after the exchange is completed in the United States.
Cashpin is changing the way remittances are sent to Latin America and other parts of the world. Traditionally, money transfer has been for both senders and recipients a time-consuming and inconvenient exchange taking as long as four days. Senders can now make virtually instantaneous money transfers from any of the Quisqueyana branches or agents. Senders also have an extra option: making their transfers via the Internet through the Cashpin website http://www.cashpin.com.
The result of a partnership between Quisqueyana, Visa International and Banco Mercantil Dominican Republic, the Cashpin Visa Bank Card is now available in the Dominican Republic’s 30 provinces. Banco Mercantil has 30 branches in the Dominican Republic and connectivity with Visa International’s global system and ATM network.
To make a Cashpin Visa Bank Card money transfer, the sender visits any Quisqueyana office or agency and makes the first money transfer with either cash or a credit card. The exchange rate is set at that time, and the exact amount of local currency is calculated and advised to the sender. The beneficiary’s Cashpin Visa Bank Card is then delivered to, or picked up, by the recipient in the Dominican Republic. The recipient must then activate it by calling Banco Mercantil’s hotline. This is the first and only in-person action required of the beneficiary. The remittance materializes on the beneficiary’s card within minutes. All subsequent transfers on this re-loadable card also materialize on the beneficiary’s card within minutes of the transfer. The recipient has now become a VISA cardholder, which means she can use the card to withdraw cash from an ATM or for purchases wherever the Visa credit card is accepted. Thus, funds can be accessed at the recipient’s convenience 24 hours a day, seven days a week.
This innovative transfer system not only provides convenience, speed and security, but it is also bound to have a strong socio-economic impact as well. Historically, the class of beneficiaries of money transfers tends not to be banked. Their expenditures occur in the cash economy, not through the banking system. The Cashpin Visa bank card provides the beneficiaries of money transfers with a cost-effective entry point into the financial mainstream of the country, thereby creating a new class of Visa cardholders, who can now receive all the benefits of merchant alliances and loyalty rewards.
“By virtue of our partnership with leading Latin banks and Visa International, Cashpin is well on its way to putting a Cashpin Visa Bank Card in the pocket of every money transfer recipient in Latin America,” said Mohamed R. Chalabi, CEO of Remesas Quisqueyana and Cashpin. “The Cashpin Visa Bank Card is a very easy and convenient way to transfer money, especially for recipients, who must do nothing except receive funds instantaneously in their cards.”
Cashpin serves mainly immigrants sending money from the United States to family and dependents at their countries of origin. Annually, outbound immigrant’s remittance volume from the United States alone exceeds $30 billion and 90% of that is destined for beneficiaries in Latin American and the Philippines. Most world remittances originate in the United States.
Among its peers and competitors, Visa’s bankcard electronic platform and Cashpin’s own proprietary software are recognized as the industry’s most advanced monitoring and security systems designed to comply with anti money laundering laws and regulations such as the U.S. Bank Secrecy Act, the USA Patriot Act and the list of the U.S. Treasury Department’s Office of Foreign Assets Control.
By leveraging Visa’s internationally-renowned bankcard system, Cashpin is poised to transform the money remittance industry, upgrading a manual brick-and-mortar industry into a streamlined multinational service with immediate global access and delivery.
About The Quisqueyana Group of Companies.
Quisqueyana is a multinational corporate group, with headquarters in New York and Santo Domingo that provides Hispanics in the United States and Latin America with connection services that enable Latin wage earners in the United States, Puerto Rico, and Spain to provide for and remain in contact with their families back home. Quisqueyana’s services include money transfer, telecommunications, travel, and shipping. Remesas Quisqueyana Inc. is licensed to provide money transfer services by the New York State Banking Department and thirteen other U.S. states and countries.
About Cashpin Corporation.
Cashpin is a unit of the Quisqueyana Group of Companies. Based in New York, Cashpin provides individuals based in the United States with online access to the person-to-person money transfer services of Remesas Quisqueyana. Cashpin offers beneficiaries of money transfers a choice of a three delivery options: home delivery, cash pick-up, and credit to prepaid Visa cards. In conjunction with Visa International, Banco Mercantil (the Dominican Republic), and Banco Bital (Mexico), Cashpin provides beneficiaries of money transfer the option to receive their remittances, converted to national currencies, on re-loadable prepaid Visa Cards usable anywhere Visa is accepted.
Pedro Montero, Cashpin, VP Marketing