Emergent Financial Group, an electronic transaction data processing company for non-bank consumer financial services, has announced the execution of definitive agreements with Atlantic Payment Systems and Global Collect and the activation of its global electronic gateway with Global Collect.
The Agreement provides for payment processing agreements with various commercial banks providing Emergent access to important bank processing agreements to accept credit card payments for money transfers and other online payment transmissions. The companies have also agreed to co-venture the further development of various on-line money transfer services. Atlantic has several clients requesting technology-processing solutions offered by Emergent, including cross-border electronic transfers and online digital wallet services.
“Our agreements with these two recognized companies provides Emergent expanded markets and built in customers for its proprietary XTRAN person-to-person money transfer technologies,” said Jason Galanis, CEO of Emergent.
Atlantic Payment Systems is an independent provider of credit card and electronic check processing services to mail, telephone and Internet based merchants. Atlantic is headed by Dan Alcorn who was a senior officer at Chittenden Bank (NYSE: CHZ), a $3.8 billion Vermont-based bank.
GlobalCollect is an international payment solutions provider, with offices in Holland, San Francisco and Singapore. Founded in 1994, GlobalCollect has grown at 50% in each year since then, and is now a subsidiary of TNT Post Group (NYSE: TP), the $8 billion global postal and logistics company.
About Emergent Financial Group
Emergent ([www.emergentgroup.com]) is a holding company, which owns transaction processing subsidiary companies principally engaged in person-to-person (P-to-P) money transfers. Emergent is principally engaged in building a distribution network for non-bank financial services delivered through countertop point-of-sale devices in retail locations globally. We believe our proprietary technology is the only end-to-end fully electronic solution available for international wire remittances originated in-store. The Hispanic expatriate community in the United States is estimated to account for the majority of the $49 billion in cash transmissions originating from the U.S. in 2001, a market growing at 15% annually.
Emergent derives its revenues from transaction processing fees, net of commissions paid to certain selling agents, and/or for services such as non-bank wire transfer services.
More information is available from Emergent Financial Group, Inc., Boulder, Colorado, 303/544-0044.