America is not the only country dealing with the influx of immigrants from developing nations. Immigration is a global phenomenon to the point where now 3% of the world’s population are immigrants. While most of the attention regarding immigrants is focused on the social, political and obvious economic impact that immigrants are having on the countries involved, TransferOrbit Corporation, (Pink Sheets: TRBI) has uncovered a market that has virtually exploded in recent years as a direct result of the immigrant population in the US and throughout the world and they have already begun to capitalize on the opportunity it presents by revolutionizing it and consolidating it.
Immigrants send money to their homeland, it’s a common practice since the flow of immigrants is generally towards geographical regions of greater opportunity for economic prosperity. As a result, the international flow of money remittances shot from $170 Billion in 2002 up 87% to an estimated $318 Billion in 2007. With all this growth, the money remittance industry, particularly between the US and Latin America has not evolved significantly. The major players are Western Union and MoneyGram but globally, they share only around 20% of the market. The rest of the market is divided between 7,300 banks and 1,300 Money Transfer Agents (MTA). With many of the recipients being unbanked and with the MTA’s operating independently, the logistics of getting cash from a specific city in the US to a specific city or town in Latin America can become a real nightmare as each MTA only served its own delivery sites. The solution was simple, or at least it was to Jorge Toro, CEO of TransferOrbit, develop a centralized transaction processing platform which could these banks and MTA’s could hook into and which would enable the remittance to be originated from one commercial source and delivered through any of the participating member locations while satisfying many of the more stringent anti-money laundering and anti-terrorism procedures that are crippling growth within the independents.
Conceived in 2000, developed in the ensuing years and recently launched, this latest technological masterstroke, has been embraced eagerly by the industry and today TransferOrbit boasts one bank and 20 MTA’s as participating members to this growing list of companies moving their customer’s funds through TransferOrbit’s proprietary transaction processing platform. Add to that, the fact that the company has already completed its first acquisitions and in 2007 has seen over $5 million cash move through their system and we see a company that’s definitely on the move and worth having represented in your speculative portfolio.
As an added point of excitement, we note that the most recent advance in this industry is the use of cell phones to initiate or receive transactions. The World Bank has recognized this as a trend for the future and TransferOrbit has jumped squarely in the middle of this movement through their announcement last week of the acquisition of FonWallet’s Mobile Money Transfer and Bill Payment Platform. Following the strategic plan introduced March 18th, TransferOrbit has expanded its processing platform to include the capture of both money transfer and bill payment through Mobile Phones. “The ability to capture a TransferOrbit transaction via mobile phone will be available to any of our customers by the end of the quarter,” said Jorge H. Toro, President & CEO of TransferOrbit.
Jorge Toro, a long time entrepreneur is proving once again the age old adage that if you build a better mousetrap, the world will beat a path to your door. TransferOrbit is a new client of our sister site RealStockDiscoveries.com. To read more about TransferOrbit including our free Vanguard Research Report, simply click here.
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