New Service Enables Transfer of Funds Overseas Reliably, Affordably
IDT Corporation (NYSE: IDT) today announced that its subsidiary, IDT
Payment Services, a licensed money transmitter, has launched an
international money transfer service over its flagship Boss Revolution
payment platform. Boss Revolution customers can now send money overseas
reliably, affordably and conveniently.
“Millions of customers trust Boss Revolution for our high quality
international long distance calling and airtime top-up services,” said
Bill Pereira, CEO of IDT Telecom. “We are introducing the Boss
Revolution money transfer service with the same high standards of
reliability, affordability and convenience. Boss Revolution customers
now can also send money directly to family and friends knowing that
their funds will arrive securely and quickly. And, as always, they do
not need a credit card or bank account to use any Boss Revolution
Boss Revolution currently offers money transfer to recipients in eight
Latin American countries: Mexico, Costa Rica, Ecuador, El Salvador
Guatemala, Honduras, Nicaragua and Panama. Within a year, Boss
Revolution money transfer is expected to expand to include most of the
remaining countries in Latin America, over twenty African nations, and
key destinations in Asia including the Philippines, China and Vietnam.
In the eight currently available Latin American countries, Boss
Revolution has over 6,000 locations providing points of payment
including bank branches and trusted retailers. By the end of this year,
recipients will be able to collect funds at any one of over 21,000
points of payment in Latin America alone.
Boss Revolution customers will be able to select from a comprehensive
portfolio of overseas payment options at many of these payment locations
including cash pick-up, direct deposit, or home delivery where available.
“IDT Payment Services Inc. is initially launching its money transfer
service in New Jersey. It is currently licensed to provide money
remittance in 37 states, and we expect it to be licensed and operating
in nearly every state, the District of Columbia and Puerto Rico by the
end of the year,” said Alfredo O’Hagan, Senior Vice President of
Consumer Payments at IDT Telecom.
Boss Revolution’s payment service offerings currently include domestic
and international airtime top-up, and, most recently, domestic bill
payment. In the coming months, additional products and services will be
offered over the Boss Revolution payments platform to provide retailers
and customers with a full suite of convenient and affordable telephony
and payment services accessible to both banked and un-banked customers.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use
the words “believe,” “anticipate,” “expect,” “plan,” “intend,”
“estimate, “target” and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. While these forward-looking statements represent our
current judgment of what may happen in the future, actual results may
differ materially from the results expressed or implied by these
statements due to numerous important factors, including, but not limited
to, those described in our most recent Form 10 filing (under the
headings “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”), which may be revised or
supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. We
are under no obligation, and expressly disclaim any obligation, to
update the forward-looking statements in this press release, whether as
a result of new information, future events or otherwise.
About IDT Corporation:
IDT Corporation (NYSE: IDT) through its IDT Telecom division, provides
telecommunications and payment services. IDT Telecom’s retail products
allow people to communicate and share resources around the world while
its carrier services business is a global leader in wholesale voice
termination. For more information, visit www.idt.net.
Bill Ulrey, 973-438-3838