US-based fintech company Innovative Payment Solutions (IPSI) has forged an agency agreement with Golden Money Transfer (GMT) to offer its money transmission service in Mexico.
IPSI is focused on creating the digital payment solution ‘IPSIPay’, while GMT is an innovator in financial services and international money transfers.
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By GlobalDataGMT has a proprietary distribution network in over 100 countries globally.
Under this agreement, the companies will facilitate IPSI’s cross-border payments infrastructure, reduce remittance costs, and serve the unbanked and underbanked communities.
IPSI will have access to a licensed money transmitter with origination capabilities in 30 key US states.
The licence will provide access to foreign exchange services, distribution to any bank account in Mexico, and cash distribution at nearly 25,000 locations.
GMT will handle the settlement and distribution, including employee salaries disbursement to prepaid cards.
GMT founder and CEO Thani Adem said: “We are glad that Innovative has chosen to work with us to deliver their service. With our solution, the Company will be able to mobilise its digital payments infrastructure and allow its users to transfer funds in a most secure, compliant and cost effective way.”
IPSI CEO William Corbett said: “We are pleased to now be able to provide comprehensive money transmittal services through our new partnership with Golden Money Transfer and it is marking yet another significant milestone for the Company.
“Through this partnership, which will have an initial term of two years, GMT will become our key partner for cross-border payment and foreign exchange settlement using a plethora of digital assets.
“The agreement will also foster banking relationships that will allow us to accept payment cards and provide innovative financial products to the unbanked and underbanked.
“This will also provide alternative rails of transmitting digital payments and funds to Mexico. It is our biggest achievement to date we are now fully equipped and ready to execute on our business goals in 2021.”
