Individuals who live in the United States and want to pay utility bills for relatives living in Latin America and the Caribbean can do so through TIO Networks Corp.'s cash-accepting kiosks.
TIO Networks has expanded its existing agreements with IPP of America Inc. and iSend to provide cross-border bill payments, said John Lewis, who handles business development for TIO Networks, which is based in Vancouver, British Columbia. IPP of America, a provider of retail payment services, partnered with iSend, a provider of international electronic payments to Latin America and the Caribbean.
"We [TIO] partnered with them [IPP and iSend] because they have relationships with billers in Latin America," Lewis said.
Individuals who live in the United States can use one of the more than 1,000 TIO kiosks to pay relatives' mobile, utility, cable and telephone bills. In addition, they can pay to top up relatives' cell phones at the kiosks. The machines, which are deployed in convenience stores, are available 24 hours a day, seven days a week, Lewis said.
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United States residents select the utility's icon on the kiosk and type in the name of the person for whom the bill is being paid. The payer also includes the person's account and telephone numbers.
The payer then inserts cash into the kiosk's banknote acceptor to pay the outstanding invoice, Lewis said. Once the cash is accepted, TIO Networks uses its Internet connection to ensure real-time connection with the customer's account. Most payments are posted the same day. TIO kiosks accept payments for people who live in Mexico, Guatemala, Honduras, Brazil, Jamaica, the Dominican Republic and other countries.
TIO charges a $4.95 per transaction convenience fee. The kiosks' screens also display foreign exchange rates so the user knows how much in U.S. dollars he has to deposit into the kiosk before making a payment.
Hamed Shahbazi, chairman and CEO of TIO Networks, said cross-border bill payment is a great fit for the company's kiosk channel. The service also adds to TIO Networks portfolio.
"There is strong demand for cross-border payments," Lewis said. "A ton of money flows out of the U.S. every month to pay bills in other countries." TIO Networks processes $50 million in bill-payment transactions each month, he added.
