LONDON and NEW YORK, July 13, 2011 /PRNewswire/ --
Small World Financial Services Group and Choice Money Transfer today announce that the merger between the two companies has gained the required regulatory approvals and has successfully completed. The closing of this transaction creates one of the world's largest money transfer organisations.
The combined new combined entity, to be known as the Small World Group, trades across Europe and North America, processing in excess of 600k transactions per month and with a payment network in excess of 150,000 locations.
"This transaction catapults us into the top tier of global remittance players," said Nick Day, Group CEO at Small World, "while creating substantial synergies and opening up new geographic markets and corridors. The combination of our global payment networks and deployment of our advanced technology platform will greatly accelerate our growth trajectory."
Kevin Neuschatz, the CEO of Choice Money Transfer, will also become Commercial Director of Small World. Kevin said, "I look forward to working with Nick and Small World, and to leveraging the benefits of our combined technology platform to drive sales and bring our outstanding service to more customers around the world."
About Choice Money Transfer
Choice Money Transfer Inc. is a fast growing provider of consumer money transfer services committed to service excellence, regulatory compliance, and sound management principles. Choice Money Transfer has a network of correspondents in over 45 countries throughout Africa, Asia, Latin America, and Europe. For more information, visit http://www.choicemoneytransfer.com.
About Small World Financial Services Group
Small World Financial Services Group is the largest independent money transfer company in Europe. It provides global consumer-to-consumer money transfer services through a sending network of agents and Company-owned stores, disbursing money transfers through a worldwide payer network in 90 countries, as well as disbursement to bank accounts and mobile wallets. In addition to money transfer, Small World provides telephony services, insurance products, prepaid debit cards, and cheque cashing. For more information, visit http://www.smallworldfs.com.
SOURCE Small World Financial Services Group Ltd