News

TransferOrbit releases mobile banking product to reach Latino market

April 8, 2008

ST. LOUIS — TransferOrbit Corp.released today its new banking product line. The product line is called alBanco ("to the bank" in Spanish) and invites primarily Hispanic customers to use banking services offered by Banks that are TransferOrbit Customers.

"Banks that work with TransferOrbit can offer products to compete and win in the money transfer market," said Jorge H. Toro, president and chief executive of TransferOrbit.

After one year of a successful pilot with an existing client, TransferOrbit is initiating a marketing campaign to promote the alBanco product line. The new line offers banks the ability to capture money transfers at the bank teller, ATM terminals, via mobile phone technology and to any merchant that works in partnership with the bank.

"Currently, banks watch as the Latino population bank at ethnic grocery stores by cashing checks and originating money transfers there," said Toro.

He added, "With TransferOrbit, the banks can offer multiple money transfer products to their customers at a much lower cost, with added security and are fully compliant with regulations."

TransferOrbit continues to invite banks to enter the money transfer and bill payment business in order to attract the elusive Latino customer by means of a product line (alBanco) that best suits their financial needs. TransferOrbit recently announced its partnership with FonWallet and the acquisition of FonWallet's Mobile Transfer Platform, which now is part of the alBanco product line. For more information about the alBanco product line visitwww.albanco.biz.

TransferOrbit, a Florida Corp., is an electronic intermediary for money transfer providers. Banks and non-banks use the company's scalable, turnkey system of proprietary software and secure network processing to facilitate the person-to-person transfer of money on a "private label basis" throughout Latin America. Providers piggyback on the company's established network in the United States and 17,000 transfer agents in countries throughout Latin America.