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November 30, 2010

Telecom Cost Management Deal Allows for Prepaid Card

By Anil Sharma, TMCnet Contributor

Power2Process, wholly owned financial transaction processing company of Flint Telecom Group, Inc., has entered into a multi-year agreement with International Money Management, Inc. a California-based financial services marketing company.

Officials with Flint Telecom Group said that the agreement allows IMM to introduce an innovative prepaid card to immigrants living in the United States.

The prepaid IMMCard is uniquely connected with an "affiliated" debit card issued by IMM's international banking partner in South America, Central America and the Caribbean.

Company officials said that the agreement between Power2Process and IMM provides a technological integration that provides IMMCard cardholders a secure, inexpensive and rapid method of administering international money transfers, while bestowing most of the benefits of a credit card.

All IMMCard transactions are exceptionally convenient for both the sender and the recipient.

The IMMCard provides a lower cost alternative to typical international money transfer agents, such as Western Union (News - Alert), MoneyGram and bank wire transfers.

The IMMCard will include a loyalty program giving cardholders lifestyle benefits and services that include discounts on long distance calling cards & mobile banking. IMM plans to introduce the IMMCard in the 1st quarter of 2011 for U.S.-based customers.

"Working with the Power2Process team has proven to be particularly beneficial for us because their sound advice has been critical in helping us navigate the path to building our IMM System processes," states Gil Figueroa, CEO for IMM, in a statement.

Figueroa said that Power2Process's international experience has been an invaluable key component, allowing completion of a sophisticated international bank messaging system that speaks to the heart of our IMMCard Services Protocol."

"We are delighted to be working with IMM. They have built a very effective sales and marketing organization to reach their target markets. With the help and support of Power2Process, they have been able to structure and offer a very powerful prepaid product for sale,” said Bernard A Fried, president and COO of Flint Telecom Group.

Fried said that although there are other financial processors in the U.S. that provide processing for debit card programs, the company believes that not many offer the support and all of the integrated features and competitive pricing offered by Power2Process.

Vincent Browne, chairman and CEO of Flint Telecom Group said that this is the second processing agreement in less than a month for the new Power2Process subsidiary.

“This agreement continues to demonstrate what we believe will be the growing success of our strategic acquisition of Power2Process. The beauty of these multi-year agreements is the sustainable and growing stream of recurring transaction fees from each and every transaction completed that are paid directly to us by the underlining funds, with no risk to Flint Telecom," said Browne.

Anil Sharma is a contributing editor for TMCnet. To read more of his articles, please visit his columnist page.

Edited by Juliana Kenny

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