MARKSSAN FRANCISCO:
XOOM CORPORATION on Thursday announced that through its exclusive partnership with PayOut Limited, it has established a relationship with Paymaster, a Jamaican-based remittance and currency service. Together they will launch an on-line to off-line international money transfer service to Jamaica.
The service, available at www.xoom.com, will enable customers to pay bills and transfer payments through the Internet to recipients in Jamaica. Beneficiaries will be able to receive the money off-line, with delivery of funds available seven days a week and made within a few hours of the transaction.
INTERFACE
Xoom's platform will provide the front-end interface and back-end tracking, which enables a convenient, secure and cost-effective means for electronic funds remittance. Paymaster will offer the fulfilment required for funds delivery.
"We are very excited to be able to offer this service to Jamaican expatriates," said Kevin Hartz, co-founder and CEO of Xoom. "We are helping them pay bills or transfer money home by using a very cost-effective means which is also quick, secure and convenient."
International fund remittance is a growing business, with an estimated total dollar volume of immigrant remittances worldwide of $138 billion in 2002. Jamaica's Central Bank reported almost a $1 billion dollars was remitted to Jamaica in 2002. Xoom's service will alleviate customers' dependence on expensive wire transfer centres.
"The Internet has been embraced by Jamaicans all over the world, both as a professional and educational tool, and as a way of keeping in touch," said Audrey Marks, founder and chief executive of Paymaster. "Now with Xoom there's a great way for Jamaicans to use the Internet to send their remittances home, more cheaply, securely and conveniently than ever before."
SECURE
Xoom Corporation is an on-line-to-offline international money transfer service. It currently offers a secure, swift and inexpensive means to send money from any of 38 countries to recipients in the Dominican Republic and Jamaica. All transactions are processed securely through PayPal, an eBay company. Xoom Corporation's headquarters is located at Utah Street, San Francisco.
Paymaster, Jamaica's fist multi-payment agency, offers facilities for improving revenue collection and other customer care activities to businesses and institutions islandwide. The company utilises state-of-the-art technology in its revenue collection, which affords the client security of all transactions. It has 130 outlets islandwide and 25 client companies. Paymaster is the official collection agency for Jamaica's four utility companies.
