"Cash-preferred customers to benefit from self-service money transfer
service at Circle K and other participating retail locations"
BURNABY, BC, Oct. 26 /CNW/ - TIO Networks Corp., North America's leading
automated bill payment and financial services network (TSX-V: TNC) and NEXXO
Financial Corp. have formed a strategic alliance through which NEXXO's
premiere kiosk-based money remittance services will be made available at
Circle K and other participating convenience store chains in the TIO Network.
By early spring 2008, cash-preferred customers can instantly send money
to their families, relatives and friends worldwide through TIO's self-serve
automated financial services kiosks and hybrid ATMs 24 hours a day, seven days
a week. Money transfer recipients can receive funds over NEXXO's impressive
network of over 20,000 locations primarily located in Mexico and Latin America
and in the near future in countries such as China, India, Philippines and
NEXXO operates more than 100 of its own NEXXO financial center kiosks or
"Cajeros" primarily located in the state of California. As part of the
strategic alliance, TIO Networks bill payment solution will be offered on all
NEXXO's kiosks. It is expected that TIO's services will launch on NEXXO's
Cajeros by spring of 2008 or shortly after the launch of NEXXO's services on
TIO's network of kiosks and hybrid ATMs.
The new money remittance services are available for an affordable rate of
$8 for any transfer up to $1000, which represents a significant savings over
many of the money transfer service providers.
According to the World Bank, the $160 billion money remittance industry
is expected to grow over the next ten years. A study commissioned by the
Inter-American Bank confirms these estimates, as a growing number of Hispanic
migrant workers from Latin America rely on remittance services to send funds
to their families at the current rate of approximately $50 billion per year.
In fact, the relationship between Latin America and the U.S. constitutes the
largest volume remittance market in the world (Center for Financial Services
Innovation, 2007). It is expected that over the next four years self service
money transfer/remittance services will become more commonplace and larger
numbers of immigrant workers will seek its reliability, convenience, and
choice in sending money home.
"At NEXXO, we are pleased and excited to partner with outstanding
companies such as TIO and Circle K to offer world class self-serve remittance
to more consumers throughout the United States," said David Alvarez, CEO of
NEXXO Financial Corporation.
"This partnership with NEXXO completes an important component of TIO's
financial services growth strategy based on money transfer, bill payment,
prepaid cards and the myTIO(TM) consumer strategy available through TIO's
rapidly growing network of self serve locations," said Hamed Shahbazi,
Chairman and CEO of TIO Networks. "We anticipate this cornerstone service will
accelerate the overall transaction level of the Network and drive new product
and service offerings as more corporations and consumers become aware of TIO's
Financial Services Network."
Nexxo, the leading kiosk based remittance provider, leverages
patent-pending technology to make self-serve remittance easy, convenient,
affordable and transparent for consumers. For more information, please visit
About TIO Networks Corp.
TIO Networks Corp. powers the largest and most convenient national
network of cash accepting ATMs for bill payment and prepaid services for the
'cash preferred' consumer marketplace in North America. TIO symbolizes safe
secure access to key financial services. For more information, please visit
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
For further information:
For further information: Janet Uribe, Media Relations - Nexxo Financial,
Tel: (310) 823-1691, firstname.lastname@example.org; Freddie Seba, Business
Development - Nexxo Financial, Telephone: (650) 989-7418,
email@example.com; Behshad Hastibakhsh, Media Relations - TIO Networks,
Tel: (604) 298-4636, Ext. 250, Toll Free: (888) 679-3322, Email:
pr@TIOnetworks.com; John Lewis, Business Development - TIO Networks, Tel:
(416) 364-2266, Email: jrlewis@TIOnetworks.com