Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century digital payment solution, IPSIPay™, today announced an Agency agreement with Golden Money Transfer, Inc. (“GMT” or “Golden”) – a seasoned MSB company based in San Diego, an innovator in financial services and global money transfers with an extensive proprietary distribution network in over 100+ countries around the world with a strong focus on compliance.
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This agreement will facilitate Innovative’s cross-border payments infrastructure, help lower costs for international remittances, allowing IPSI to service consumers, including unbanked and underbanked communities. Most importantly, the agreement between IPSI and GMT will provide the Company access to a licensed money transmitter with origination capabilities in 30 key states, proven compliance expertise, access to foreign exchange services, distribution to any bank account in Mexico, and cash distribution at close to 25,000 bricks and mortar locations throughout Mexico. Settlement and distribution (including employee salaries disbursement to prepaid cards) will be handled by GMT as the Company is an expert in the industry and is specializing in Latin America, and hard to reach destinations.
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William Corbett, the CEO of Innovative Payment Solutions, Inc. stated, “Innovative is ecstatic about this new partnership as it will validate our kiosk and digital wallet model. We are pleased to now be able to provide comprehensive money transmittal services through our new partnership with Golden Money Transfer, Inc., and it is marking yet another significant milestone for the Company. It will allow us to utilize our power of digital and mobile technology and make financial services more inclusive and affordable, while providing a comprehensive solution for the unbanked and underbanked communities.
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.”
Thani Adem, CEO and Founder of GMT, commented: “We are glad that Innovative has chosen to work with us to deliver their service. With our solution, the Company will be able to mobilize its digital payments infrastructure and allow its users to transfer funds in a most secure, compliant and cost effective way.”
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