MonoBank PLC
MonoBank PLC announces the MonoUno Money Transfer Card for the Hispanic market
MonoBank PLC / Product Launch Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- London, United Kingdom - (For immediate release) - June 25th, 2009 MonoBank PLC, WKN: A0MRLW, FRK: WNW, a company specializing in offering prepaid debit solutions to the credit challenged consumer market, is pleased to announce the introduction of the Mono Uno two card system. The Mono Uno system allows the sharing of funds with family and friends abroad and reduces expensive money transfer fees. The Mono Uno card system, is a new two-card system that makes purchasing and money transfer easier and safer than ever for the millions of Hispanic workers who live in the United States and who send more than $40 billion abroad each year. The Mono Uno Card is an innovative solution that allows users to transfer money to friends and family abroad, all while avoiding the hassle and fees associated with costly alternatives such as wire transfers. The Mono Uno Twin Card Packet is an ATM/debit card system that does not require the Card user to set up a bank account and it can be used by the cardholder to send money to family and friends almost anywhere in the world. The cardholder simply sends the 2nd Uno Card to the person they want to send money to. The U.S. main cardholder deposits funds as they would with any other transaction, while the other person outside the country with the other card is able to obtain the funds from over 900,000 ATM machines worldwide. Money is immediately available wherever the other cardholder is, in their local currency, without the traditional cost of wiring. Nearly 35 million Hispanics reside in the United States. Hispanics are the fastest growing segment of the U.S. population. It is estimated that approximately 50% of Hispanics are unbanked and regularly send money home. In 2007, nearly $35 Billion dollars were sent from the U.S. to Mexico, Central and South America. Seven in ten Latinos in the U.S. who send remittances use a wire transfer company. Only 11 percent remit funds through a bank and 2 percent through a credit union, despite the fact that these financial institutions provide a wider menu of services at a lower cost. Mono Uno is normally less than half the price and is expected to drive significant sales, profits and residual income for our future retail partners. An analysis by the Multilateral Investment Fund and Pew Hispanic Center on remittances found that lowering wire transfer fees by just five percent could generate annual savings of $1 billion for Latino households here and internationally. According to the report, one key reason for high fees is a lack of competition from banks and credit unions. About MonoBank PLC MonoBank PLC, a company incorporated in London, England was founded with the vision of providing products and services to credit challenged prospects. The company's mission is to provide a variety of products and services to the credit challenged and to continue to develop new first-to-market prepaid and debit card programs, building on consumer acceptance and brand recognition while ensuring customer satisfaction. We know that each customer has specific needs. At MonoBank PLC, we strive to meet those specific needs with quality service and individual attention. We pride ourselves in giving customers the solutions they are looking for. Disclaimer & Safe Harbor Statement: This release includes forward looking statements, which are based on certain assumptions and reflects management's current expectations. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. 'Safe Harbor' Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains certain 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Copyright (c) 2006-2009 MonoBank PLC. All rights reserved. For further information please contact: MonoBank PLC. Investor Relations Department + 44 (0) 20 7788 7986 25.06.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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