Transnetwork Corporation Buys Citi’s Central American Remittance Operations
Transnetwork consolidates its presence in the region by acquiring a payment network of leading Central American retailers and supermarkets
HOUSTON, Oct. 6, 2014 /PRNewswire-HISPANIC PR WIRE/ — Houston-based Transnetwork Corporation, a leading B2B electronic domestic and cross-border processing and payment platform with more than 10 years’ experience sending remittances to financial networks and retail chains in Mexico and Latin America, has agreed to acquire the assets of Citi Remesas, Inc., a subsidiary of Citibank, and Citi Remesas’ Central American remittance operations.
Transnetwork acquired the business on September 30. Under the transaction, the company inherited the vast network of leading retailers and banks from Citi’s portfolio, as well as the branches and clients of Citi’s El Salvador remittance operations branded as Remesas Familiares Cuscatlan.
In announcing the closing of the transaction, Jorge Raull, CEO of Transnetwork, stated, “Transnetwork Corp. and Citi Remesas, Inc. hold agreements with virtually all of the same money transmitters, making the operation highly efficient and seamless. The transaction strengthens our core business of providing payment solutions in Central and South America by expanding our payment network of prime retailers and supermarkets, creating more value for our international partners.”
As part of the transaction, Transnetwork will be able to continue offering remittance payments at Citi’s Central America branches for a six-month period, through April 1, 2015, as well as offer deposits into Citi Central America client accounts in the longer term.
Upon closing of the transaction Transnetwork will absorb Citi’s agreements with payers in El Salvador, Guatemala, Honduras, Nicaragua, Costa Rica, Panama, Ecuador, Peru and Brazil, where beneficiaries are able to collect their money at Citi branch locations in Central America as well as through a variety of the region’s principal retail chains and financial institutions.
About Transnetwork Corporation
Transnetwork Corporation is a Houston-based B2B electronic domestic and cross-border processing and payment platform which enables licensed and regulated financial institutions to connect under one standard technology granting access to a diversified payment network in Mexico, Central and South America. With more than ten years of experience processing remittances to financial networks and retail chains, the firm currently operates in Mexico, Guatemala, El Salvador, Honduras, Costa Rica, Nicaragua, Panama, Ecuador, Peru, Colombia and Brazil. For more information, visit www.transnetwork.com.
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