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BFN offers money transfer by text message service

Bermuda residents will be able to transfer their money to almost anyone in the world via text messaging, thanks to a new service being offered by Bermuda Financial Network Ltd (BFN). BFN’s newly-introduced technology will enable even those with the simplest mobile phones to make local or international payments to payees with more sophisticated devices such as iPads, tablets, smart phones or personal computers through text messages or on its new website

www.SendMoney.bm at the click of a button within minutes. “Today, we are pleased to announce the launch of what we believe to be the first text message and internet money transfer service in the world that allows people to use any device from the simplest cell phone, to most sophisticated PC to send money worldwide in minutes, to virtually anyone on the planet with (or without) a cell phone,” said Alvin Wilson, vice-president of Bermuda Financial Network. “Receivers can get actual cash at over 400,000 locations in over 200 countries worldwide. “Today Bermuda Financial Network is launching this unique and creative payment process and the website

www.SendMoney.bm “While systems like M-Pesa in Kenya and Smart Money and GCASH in the Philippines have allowed people living there to transfer money to each other via cell phones, BFN has taken the use of this technology to a higher level and become the first to introduce ‘Text Message Transfer’ (TMT), to the world. This BFN-technological development will allow everyone, even those with the simplest cell phone, to send money to a recipient virtually anywhere in the world. “This unprecedented initiative represents a major achievement in the extremely competitive and demanding global money transfer environment. This is possibly the most innovative global money transfer method conceived to date.” In addition to the ability to initiate a money transfer to just about anywhere in the world via a text message transfer, BFN is also developing “Text Message Payment” (TMP), which will allow people in Bermuda to pay their bills using text-messaging technology. In the near future this technology will be used to purchase a variety of goods and services locally and over the internet, including travel. “These developments offer the ultimate in convenience,” said Mr Wilson. “There’s no need for anyone to leave their home or office to send money, using up valuable time and resources. No more standing in long and tedious bank lines or carrying cash around to send money.” In May 2008, BFN became an agent for Western Union, and shortly afterwards achieved the distinction of establishing the fastest transaction time for Western Union anywhere in the world, at one minute and 15 seconds per transaction. Western Union also awarded BFN the coveted Western Union Five Star Agent Location 2010 Award. Today BFN says it routinely processes money transfer transactions in less than 60 seconds.

Alvin Wilson of Bermuda Financial Network