SANTA MONICA, Calif.--(BUSINESS WIRE)--WireCash (www.wirecash.com) today announced the launch of the first and only online money transfer marketplace. WireCash has integrated a wide range of recognizable and respected traditional offline money transfer companies onto its platform, providing US residents access to their services.
With one seamless login, consumers can transparently compare and complete money transfers based on brand, price, recipient payout option, along with other criteria. Money transfers completed through WireCash are safely processed and distributed worldwide to recipients in minutes.
The firms offered through the WireCash marketplace are in many cases the preferred provider of money transfer services to specific destination countries. Prior to WireCash the services of these offline firms were unavailable to consumers online.
Jonathan Cooper, Co-Founder and CEO of WireCash commented, “The market for money remittance is highly fragmented. There are approximately 20 million money senders in the United States, annually remitting more than $120 billion outbound. Nearly 75% of the market is controlled by over 400 companies who are not currently operating online. We see tremendous opportunity in this space and are excited to announce our official launch.”
WireCash leverages its proprietary fraud minimizing technology to provide the services of traditional offline money transfer companies online. The Company believes its collection of preferred brands, along with its superior fraud prevention technology, is the core of its sustainable competitive advantage in the low margin/high-risk industry of online money remittance.
Ran Grushkowsky, Co-Founder and CTO of WireCash said, “Stopping payment fraud is instrumental to safely process online money remittance transactions. Prior to our launch we invested heavily in our transformative technology to prevent fraud and facilitate the transition and ongoing online operations of offline money transfer companies.”
WireCash has signed agreements in place with five licensed money transmitters, and is currently processing online money transfers to over 60 countries. More partners are being integrated and the Company expects to announce additional agreements and global distribution in the near future.
About WireCash
WireCash is the first and only online marketplace to offer U.S. residents access to traditional offline money transfer companies. Money transfers can be received via bank account deposit, agent pick-up, home delivery, and mobile among other options. WireCash allows consumers to send money smarter, to complete the online money transfer that fits their needs best. WireCash is based in Santa Monica, CA. For more information, please visit www.wirecash.com.
