BURNABY, B.C. -- Automated bill payment and financial services network TIO Networks Corp. and NEXXO Financial Corp. have formed a strategic alliance through which NEXXO's premiere kiosk-based money remittance services will be made available at Circle K and other participating convenience store chains in the TIO Network.
By early spring 2008, cash-preferred customers can instantly send money to their families, relatives and friends worldwide through TIO's self-serve automated financial services kiosks and hybrid ATMs 24 hours a day, seven days a week. [image-nocss] Money transfer recipients can receive funds over NEXXO's network of more than 20,000 locations primarily located in Mexico and Latin America and in the near future in countries such as China, India, Philippines and Pakistan.
NEXXO operates more than 100 of its own NEXXO financial center kiosks or Cajeros primarily located in the state of California. As part of the strategic alliance, TIO Networks bill payment solution will be offered on all NEXXO's kiosks. It is expected that TIO's services will launch on NEXXO's Cajeros by spring of 2008 or shortly after the launch of NEXXO's services on TIO's network of kiosks and hybrid ATMs.
The new money remittance services are available for an affordable rate of $8 for any transfer up to $1,000, which represents a significant savings over many the money transfer service providers.
This partnership with NEXXO completes an important component of TIO's financial services growth strategy based on money transfer, bill payment, prepaid cards and the myTIO consumer strategy available through TIO's rapidly growing network of self serve locations, said Hamed Shahbazi, chairman and CEO of TIO Networks. We anticipate this cornerstone service will accelerate the overall transaction level of the Network and drive new product and service offerings as more corporations and consumers become aware of TIO's Financial Services Network.
Also, TIO Networks has just launched the myTIO membership program that enables customers to store and use account information associated with bill payment and other financial services directly from a TIO bill payment kiosk or hybrid ATM terminal.
Enrollment in myTIO is a free service for bill payment customers. When customers authenticate themselves, myTIO creates a personalized account where they can consolidate their bill payment information, alleviating the need to remember individual account numbers. Members only need their phone and password to securely access their accounts and conduct transactions.
Members of myTIO will be offered special rates on bill payment and other financial services and are also eligible for exclusive promotions.
myTIO is a critical component of TIO's product strategy moving forward, said Shahbazi. Our ability to increase customer retention, payment frequency and introduce new products and services are significantly enhanced when we build a closer relationship with the customer. myTIO is a powerful tool to develop that relationship en masse and create greater brand recognition and customer loyalty.
The myTIO service has been designed with business automation in mind as a fully functional application programming interface, API, that is ready for use by TIO's distribution partners to extend the myTIO experience to any device. Management expects to deploy myTIO in select U.S. markets in November 2007, followed by a full network deployment by the first quarter of the 2008 calendar year, it said.
Burnaby, B.C.-based TIO Networks powers a national network of cash-accepting ATMs for bill payment and prepaid services for the cash-preferred consumer marketplace in North America.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.