RIA Strengthens Foothold in RP Market Through Strategic Partnerships with BPI, BDO, MLhuillier and Signed and Delivered, Inc.
|RIA Financial Services partners with leading financial institutions in the country to strengthen RP operations and provide the best services to Filipinos locally and abroad.|
RIA Financial Services, Buena Park, California, a wholly owned subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), today announced expanded partnerships with two leading financial institutions to further strengthen its operations in the country and enhance its services to Filipino customers here and abroad.
RIA has forged partnerships with local banks – Banco de Oro (BDO) and Bank of the Philippine Islands (BPI). In addition, RIA has also partnered with MLhuillier, the largest chain of jewelry and micro-finance shops and Signed and Delivered, Inc., the largest cash courier in the country in order to provide a larger network of collection points in the Philippines.
Timothy Fanning, Chief Operating Officer of RIA Financial Services, said: “Our goal is to provide choice, convenience and competitive pricing to our customers. Our partnerships with two of the leading banking institutions in the Philippines and our service partners, along with our expanded agent merchant network in North America, Europe and Australia and our new on-line remittance solution, Riaworldwide.com enable us to become the one-stop destination for overseas Filipinos for almost all of their money remittance needs. Through our multiple sending and payout service options that include cash delivery to over 600 towns and cities across the country and over 3,000 branch locations of our service partners available for cash pick-up service, including our new cash pick up service with Bank of the Philippine Islands, our customers can select the most convenient way for their beneficiaries to receive the funds while enjoying highly competitive foreign exchange rates and some of the lowest fees in the country.”
Fanning explained that their relationship with their local partners is based on the financial institutions’ and other partners’ reputations for good service quality, reliability, speed and fair business practices. These characteristics coincide with RIA’s mission to provide their customers with an efficient and secured service by giving them the assurance that their money is in good hands and that it will get to their designated beneficiaries in a time and manner that they would prefer.
“RIA continues to be one of the strong and solid partners of BDO Remit in the US. Since the start of our partnership in 2004, our businesses have continued to grow significantly,” said Geneva T. Gloria, head of domestic operations for BDO Remit.
She added, “RIA was instrumental in the development and growth of our remittance business in the US market and they continue to be our biggest partner in that market. We are glad that they chose BDO as their main business partner. Certainly, the forthcoming initiatives that RIA is launching would bolster the growth of both our businesses.”
Today RIA also announced the impending launch of Riaworldwide.com, a new web-based service that will be available in December and caters to the needs of Internet-savvy professionals who prefer the convenience of sending money quickly and safely from the comfort of their own homes. Ria also announced that each new consumer’s first remittance on Riaworldwide.com would have a zero customer fee charge.
Through the new partnerships, its expanded agent network in North America, Europe and Australia and through the launch of Riaworldwide.com, RIA is optimistic that they will be able to provide convenience, choice and competitive fees to Philippine remittance consumers. “We are confident that our partnerships with the banks and financial institutions will allow us to grow our business and most importantly to provide convenience, choice and competitive prices to Philippine remittance consumers.” Fanning added.
RIA commenced its Philippine operations in 2001 and since then, the global money transfer company has grown from strength to strength in the country. According to Fanning, the Philippines has always been a top priority market due to the huge potential of the growing number of Filipinos working and residing overseas. This is a key factor why the company has devoted a strong commitment in expanding their network for its Filipino customers.
RIA currently has one of the largest global send and payout network comprising 130 countries with a total network of over 110,000 locations.
About Euronet Worldwide, Inc.
Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, mobile operators and retailers which include comprehensive ATM, POS and card outsourcing services; card issuing and merchant acquiring services; software solutions; consumer money transfer and bill payment services; and electronic distribution for prepaid mobile airtime and other prepaid products. Euronet operates and processes transactions from 42 countries.
Euronet’s global payment network is extensive — including 10,519 ATMs and a growing
portfolio of outsourced debit and credit card services which are under management in 26 countries; card software solutions; a prepaid processing network of approximately 541,000 point-of-sale terminals across approximately 266,000 retailer locations in 20 countries; and a consumer-to-consumer money transfer network of approximately 110,000 locations serving more than 130 countries. With corporate headquarters in Leawood, Kansas, USA, and 36 worldwide offices, Euronet serves clients in approximately 145 countries. For more information, please visit the Company’s Web site at: www.euronetworldwide.com.
About RIA Financial Services
RIA Financial Services, Euronet Worldwide, Inc. subsidiary company– is one of the largest global money transfer companies in terms of business volume and revenues. 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 addition to money transfers, RIA Financial Services offers consumers bill payment services, prepaid debit cards, check cashing and other financial services. Today, Euronet’s Money Transfer segment: Owns and operates a transaction processing center in the United States; Provides electronic consumer-to-consumer money transfer services through a network of approximately 110,000 locations serving 130 countries; Processes approximately $6 billion in money transfers annually.
For more information or to apply to be a RIA agent, please visit the Company's Web site at www.riafinancial.com.