Global Payout's Financial Services Platform Extends Direct Access To Bank Networks in the Philippines Added Functionality Targets 10 Million Filipino OFWs Living in 170 Countries Around the World
SAN DIEGO, April 29, 2014 /PRNewswire/ -- Global Payout, Inc. (OTC Pink: GOHE), the leading new multi-national Program Manager of B2B custom and conventional electronic payment solutions, announced today that it has advanced its competitive and comparative advantages by substantially expanding the geographic reach and the functionality of its proprietary MoneyTracTM Consolidated Payment Gateway (CPG) platform to the Philippines. Effective immediately, Global Payout can now provide CPG users with the ability to distribute payments to their associated accountholders and cardholders, employees, members, offshore workers or benefit recipients wherever they may be located in the world with direct funds transfer capability to any Filipino bank from their CPG account. As a result, a number of payment opportunities are now open to a large and important segment of the population.
The Philippines is one of the strongest (if not the strongest) overseas manpower generator for employers abroad. And Filipino workers are sought-after by foreign employers because of exceptional qualities that other foreign qualified nationals do not possess. As an example, Filipino companies who employ Overseas Foreign Workers (OFW) and contractors can now utilize the CPG secure interface to make mass payments that can be accessed immediately by their workers in real time. Because each worker is assigned their own individual CPG subaccount, the subaccount holder can then directly deposit into their bank account, make deposits to an existing VISA/MasterCard credit or bank debit card, and/or make deposits to other international and domestic prepaid cards offered by Global Payout. This makes it very convenient for those workers away from home to still have access to those transfer capabilities regardless of which country they are currently living or working in. The CPG payment platform enables the account holder or the cardholder to effect self-directed ACH payments to their bank accounts in the Philippines and most other OFAC compliant countries. Many other opportunities to facilitate payment capabilities to Filipinos also exist.
Jim Hancock, CEO, stated, "The Philippines is a major focus for the global expansion of our payment capabilities and the geographic reach of our MoneyTracTM Consolidated Payment Gateway. As we continue to focus our efforts on gaining global scale by expanding and connecting niche market opportunities all around the world, we cannot ignore the tremendous social value to individuals with financial services needs. Thanks to our MoneyTracTM payment platform, we are quickly establishing ourselves as one of the most viable and efficient payment solution by providing economies of scale for both small and large payment applications. We could not be more pleased with the reception our team and our products are receiving from mass payment customers and the traction we are gaining to reach the under-banked."
Bill Rochfort, President and VP of Sales, also commented, "The Philippines have a population of approximately 98 million people and there are over 10 million more Filipinos living around the world in 170 countries whom labeled as Overseas Filipino Workers. With nearly 3.4 million OFWs in America, 2 million in the Middle East, and over 1.6 million in Pacific Rim countries, the opportunity to provide financial services to 'unbanked' and 'under-banked' Filipinos is very significant. By providing mass payment services, payroll capabilities, ACH, prepaid instant issue debit cards, and easy to use money transfer and remittance capabilities, we are able to provide valuable access to financial services to a considerable percentage of the 2.5 billion unbanked and under-banked adults in the world. We consider the Philippines as pivotal to our growth," he concluded.
Global Payout adds the Philippines to a growing list of countries such as China, Malaysia, Canada, Germany, England and SEPA (Single Euro Payments Area) within the European Union (EU), as well as the current launch underway in Brazil and other countries in South America where consumers, businesses and organizations can access, manage, and transfer funds. Each of these countries and entities can take advantage of a vast number of additional features including: ACH, credit and bank debit cards, co-branding and private labeling, mass payments, payroll capabilities, government entitlement disbursements and prepaid cards. Global Payout also stated its intentions to continue growing the long list of functionality and geographic availability to its growing base of international users. Global Payout stated these new features and broadened reach for CPG account holders and MoneyTracTM card holders is a continual evolution of offering multiple ways to access and move your funds through a single provider.
About Global Payout, Inc.
Global Payout, Inc., www.globalpayout.com, is the leading new Program Manager of B2B custom and conventional electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout uniquely serves an estimated $3 trillion market with a secure, easier to use and lower-cost payment platform giving users competitive and comparative advantages over banks and other payments and remittance providers. The company's proprietary and fraud resistant Consolidated Payment Platform (CPG) solves fund disbursement and payment challenges by giving the user the ability to transfer money, disburse funds, and make ACH payments from: corporations, member organizations, governmental and nongovernmental organizations, institutions, faith-based organizations, network marketing companies, unions and administrators of various types of financial aid and entitlement programs such as food stamps, healthcare benefits and academic related payments that need to reach "banked" or "non-banked" individuals, businesses, organizations or government agencies in any World Financial Task Force or OFAC compliant country.
Branded as MoneyTracTM, the CPG platform provides businesses, organizations and government agencies (and their cardholders or account holders) the ability to manage and monitor payments to and from "non-bank" accounts and eWallets online, and through a variety of prepaid debit card solutions issued via most major card issuers, as well as other customizable payment solutions. MoneyTracTM payment solutions enable these establishments to make payments to their cardholders or accountholders with or without bank accounts, allowing both to possess and distribute funds in almost any country for payroll purposes, vendor payments, rebates and expense reimbursement and daily spending purposes while also providing seamless foreign currency exchange when/where applicable. Global Payout is also capable of including in these electronic payment platforms the ability to reload cards and/or transfer money to bank accounts, credit cards and debit cards worldwide. The CPG platform is a permission based API (application programming interface) and will also include mobile app capability in the near future.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
SOURCE Global Payout, Inc.