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Japanese Cheque Redemption
Service
Approval
of a cheque cashing international service for Japanese Affiliates
London
13JAN08 -
International pre-payment consultancy CCS UK Ltd (CCS) has
announced a February launch for the implementation of a prepaid card cheque redemption service for its client Team One Money Management,
Inc. The company is registered
as a Nevada incorporated Money Service Bureau business with the US
Government and has
been operating for the last
two years as a cheque cashing service for a rapidly growing Japanese
customer base approaching just over 5000 subscribers.
Japanese customers living in Japan are paid
by Google, Yahoo and various affiliate programs by cheque in USD. Due to
the banking system in Japan, USD cheques incur significant charges and
lengthy waiting periods for clearance. Team One Money Management
partners with local Japanese firms who collate the USD cheques along
with the required KYC documentation and send to Team One Money
Management who then clear the cheques utilizing their existing US
banking relationships and Money Service Business license. The funds are
then wired back to Japan to the payee.
In the existing framework
the payee incurs charges for the international wire transfer of their
funds from the US to Japan and also lengthy waiting periods due to the
3-4 days taken for international wire transfers to arrive.
The objective behind the international debit card program is to
utilise a prepaid card to streamline the payout of disbursements.
The debit card program will mean that once cheques have been cleared
then Team One Money Management will be able to immediately transfer
funds from their depository account held with the issuing bank
directly onto the payees card. The Card Load Fee being significantly
cheaper than an International Wire Transfer fee will provide a
stronger value proposition to the payee who are continually paid by
cheque on a periodic basis.
Team One Money Management President, Jared Gurgett, had the
following comment, “Team One Money Management is very excited to
work with Credit Card Solutions to expand our international
financial business. Their expertise and products allow our
customers to receive money via secure transactions and payment
methods without the fear of lost, stolen, or fraudulent
transactions. We at Team One are confident that by securing
Credit Card Solutions as the conduit for international
transactions we will guarantee continued success.”
CCS Managing Director, Mark McDonald comments, 'We are very
impressed with the potential and commitment of Team One
Money Management. They present a terrific opportunity for
one of our banking partners to reach a new market in a
fast-growing global space. With a clear strategy to deliver
a solid sustainable program, it was a pleasure for CCS to
facilitate Team One Money Management in identifying the
right prepayment solution.''
About Team One
Money Management, Inc
Team
One Money Management Inc are registered
as a Nevada incorporated Money Service Bureau business with the US
Government and have
been operating for the
last 2 years as a cheque cashing service for a growing Japanese
customer base. Their founder is the former president of the Illonois
Currency Exchange and has a strong history and credibility within
money transfer services within the state of Illonois.
About Credit Card
Solutions UK Ltd
CCS UK Ltd
(www.ccsprepay.com)
is a consultancy firm which since early 2005 has been consulting in the
area of prepaid debit implementation strategies specifically across the
Europe, Middle East and African (EMEA) region, expanding into Asia
Pacific and Latin America during 2006. By developing relationships with
issuing banks and transaction processors CCS guides its corporate
clientele to the most appropriate product offering based on a detailed
requirements assessment process and guidance by an internal financial
advisory counsel.
Contacts:
CCS Operations
Sharon Hay
admin@ccsprepay.com
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18
SOHO SQUARE
