RIVERDALE, Ga., Aug. 7, 2014 /PRNewswire/ -- It's actually pretty amazing that you can send money just about anywhere in the world by using a mobile device and the Internet. In some situations, however, this process is simply not good enough.
Some international money transfers may take days while others require a bank account for the recipient. When you consider that 56 percent of the world's adult population does not have bank accounts, it can be problematic.
In addition, many long-distance money transfers have high transfer fees, unfavorable exchange rates and operate only during bank business hours.
Swift Frontiers, a team of entrepreneurs from Riverdale, Ga., has the answer. This team of experts in payments technology have developed the MoGate Technology, a system that enables secure international money transfers using only mobile phone numbers. No bank account is needed to access the cash.
"By using Swift Frontiers' MoGate Technology, you can send money from one mobile phone to another by using just the recipient's mobile number in any country," says Michael, the VP of Operations. "More than 90 percent of the adult population have mobile phones, so this is going to create a whole new world for money transfers.
"Not only are people going to be able to receive money instantly but they'll be able to access it at any ATM. The entire sending and receiving process will take 10 minutes or less. By punching in the access code at an ATM, the recipient can get cash 24 hours a day."
The technology to develop this type of system is complex and the legal and regulatory ramifications extensive. The Swift Frontiers team estimates that they'll need $292,000 to complete the MoGate Technology platform and take care of legal and professional fees as well as pay for state licenses and federal registrations. Launch of the system also requires an office, staff and marketing.
The initial phase of operations includes providing remittance services from three states to one pilot location in Asia and another in Africa.
In order to generate this start-up capital, the team has launched an Indigogo campaign, which can be viewed at www.indiegogo.com/projects/mogate-mobile-phone-technology-for-money-transfer.
Donations of any amount are welcome. In order to encourage contributions, they are providing perks, such as Chinese, Indian and African jewelry, sashes, hats and tableware.
For additional information, visit www.indiegogo.com/projects/mogate-mobile-phone-technology-for-money-transfer; the Swift Frontiers Technology website, www.swiftfrontiers.com; or the Swift Frontiers Technology Facebook page, www.facebook.com/SwiftFrontiers.
The team can be reached directly at [email protected].
SOURCE MoGate Technology