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TheStreet Open House

IDT Launches Boss Revolution International Money Transfer

Stock quotes in this article: IDT

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 service.”

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.

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