SAN FRANCISCO, Dec. 19, 2013 (GLOBE NEWSWIRE) -- Xoom Corporation (Nasdaq: XOOM ), a leading digital money transfer provider , today announced the celebration of 10 years of business from the United States to the Philippines. Since December of 2003, Xoom has partnered with the Philippines' largest banks and retailers, launched ground-breaking initiatives and introduced a mobile app and SMS texting for those sending money and their recipients. Xoom's business model has been a catalyst in the shift from offline, inconvenient cash-to-cash operators, to online and mobile.
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"In 10 years, Xoom's service to the Philippines has evolved from having one bank offering deposits in days, to services to more than 50 banks and retailers and money arriving instantly," said John Kunze, President and CEO for Xoom. "It has been a wonderful 10 years and we are happy to have served the Filipino-American community. We look forward to serving its remittance needs for another 10 years and beyond."
Xoom's partnerships with the Philippines' largest banks, BDO Unibank, Inc., Bank of the Philippine Islands (BPI), Metrobank and Philippine National Bank (PNB), and leading retailers such as Cebuana Lhuillier Services Corporation and M. Lhuillier Financial Services Inc. and Globe GCASH, allow Xoom to provide bank deposit, cash pick-up at more than 13,000 convenient locations.
Key Milestones
- In 2003, Xoom's inaugural money transfer service in the Philippines was launched with Equitable PCI Bank (later acquired by BDO) to service the needs of Xoom's Filipino cash recipients
- In 2006, Xoom added 700 cash pickup locations through Cebuana Lhuillier and One Network Bank's Mindanao branches
- Xoom and BPI partnered in 2007 for bank deposits
- In 2008, Xoom and PNB partnered for money transfers available in minutes
- Xoom added 24/7 cash pickup enhancements in 2009, with money available within minutes at 1,200 Cebuana Lhuillier, 1,000 M. Lhuillier and more than 400 GCASH remit locations and payout outlets
- Rush door-to-door delivery service was introduced in 2010
- In 2011, Xoom added cash pickup service in minutes with BPI and PNB
- Xoom introduced Bank-to-Bank ULTRA in 2012, a higher-tiered level of service providing confirmed bank deposits in less than one hour
- The Xoom Money Transfer App became available in 2013 for Android and iOS devices
- In 2013, Xoom launched StatusTrak, with text message and email updates; and POWR (Pay Only When Received), which provides customers assurance that Xoom will not charge them until their loved ones receive their money; also in 2013, Xoom offered instant deposits to all BDO accounts
"Xoom offers safe, convenient and cost-effective digital money transfers, with 24/7 customer service," Kunze added. "We are all very proud of this 10 year milestone with the Philippines and grateful to our customers who helped get us here. Xoom continues to improve its services and we look forward to many more milestones in our service for Filipinos."
About Xoom
Xoom is a leading digital money transfer provider, focused on helping consumers send money in a secure, fast and cost-effective way using their mobile phone, tablet or computer. During the 12 month period ended September 30, 2013, Xoom's more than 997,000 active customers sent more than $5.1 billion to family and friends in 30 countries. The company is headquartered in San Francisco and can be found online at www.xoom.com .
XOOM-G
Media Contact:
Robin Carr, Xoom
415-395-4363
robin.carr@xoom.com
