SAN BRUNO, Calif., Dec. 15 /PRNewswire-HISPANIC PR WIRE/ — NEXXO Financial Corp., the leader in self-serve remittance for the Hispanic market, announces an extended partnership with TIO Networks Corp., offering its patent-pending technology to TIO’s network of bill pay kiosks in Circle K and other participating retail stores.
The NEXXO solution is currently available in several cities across California and Texas and via TIO, its reach will include additional 427 locations in Texas as well as in the state of Arizona. The expansion follows successful market tests of the remittance program in Phoenix.
“There remains a strong need in the Hispanic community for sending funds to loved ones back home in a safe, easy and cost-effective manner,” said David Alvarez, NEXXO Chief Executive Officer. “Our continued relationship with TIO will allow more individuals in these communities who want to transfer money the control and access 24 hours a day, seven days a week.”
This is the latest in expansion for NEXXO, which offers its service directly to customers through its own NEXXO kiosks as well as via partnerships in locations that meet the needs of the Hispanic community. To locate a NEXXO solution, customers can visit http://www.minexxo.com (available in Spanish and English).
“The TIO Networks self-serve money transfer program powered by NEXXO is a strong product category for the consumer demographics of our retail partners,” said Hamed Shahbazi, Chairman and Chief Executive Officer of TIO Networks. “Given recent economic conditions, now more than ever, it is important for consumers to have a lower-priced competent alternative as we have done with our partnership with NEXXO.”
To conduct a transaction, customers can sign up for free by calling the NEXXO toll-free number (800-789-8233) and benefit from the ‘no-fee’ offer on the first transaction for money remittances. Customers who utilize money transfer services through self-service kiosks receive a 5 minute long-distance call for free so that they can call the recipient and let them know the funds are safely on their way.
Money transfer recipients abroad can receive funds via NEXXO’s increasing network of more than 21,000 bank branches and pick-up centers in Mexico and Latin America. The self-serve money remittance service in the TIO network provides an affordable rate of $9.95 for a transfer up to $1,000.
The remittance market remains strong. It is expected that by 2010, remittances from the U.S. to the Latin American Corridor will exceed $100 billion in volume and $5 billion in fees. There are more than 20 million Hispanic remitters in the U.S(i). — 75 percent of them have been in the country for more than five years and Hispanics are the fastest growing demographic in the U.S. with purchasing power estimated to exceed $1 trillion by 2010(ii).
About NEXXO Financial Corporation
NEXXO Financial is the leader in self-serve remittance, leveraging patent-pending technology to make sending money easy, convenient and affordable for the U.S. Hispanic community. NEXXO will be offering its self-serve remittance in more than 2,000 locations throughout California, Arizona and Texas before the end of the year. Through its strategic alliance with the TIO Networks Corp, NEXXO’s service is now available at Circle K and ExxonMobil’s “On the Run” and “Tigermarket” convenience store chains. NEXXO is also offering its ground-breaking technology for use by other financial institutions through its turn-key remittance program. For more information, visit http://www.nexxofinancial.com
About TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor serving the largest Telecom, Wireless, Cable and Utility bill issuers in North America. With over 11,000 endpoints to its processing network, TIO symbolizes fast, convenient, safe and secure access to expedited payment services.
(i) Inter-American Development Bank
(ii) Pew Hispanic Center
SOURCE NEXXO Financial Corp.