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IDT Launches Remittance Clearinghouse for International Mobile Money Transfer

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  Published in Science and Technology on Thursday, May 19th 2011 at 14:26 GMT by Market Wire
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NEWARK, N.J.--([ BUSINESS WIRE ])--IDT Corporation (NYSE: IDT) said today that it has established an international remittance clearinghouse (RCH) for mobile network operators.

"Our remittance clearinghouse enables mobile network operators to economically access the traditional international remittance flows and expand the reach of their mobile wallet infrastructures"

The RCH facilitates connectivity between traditional, cash-based, money transfer operators and mobile wallets utilizing IDTa™s economical transaction settlement and foreign currency exchange services. These services will enable mobile network operators to expand their reach particularly into unbanked immigrant populations in developed countries.

IDT will launch RCH services with Smart Communications, Inc. and Globe Telecom in the Philippines. Smart and Globe serve about 69 million subscribers and nearly 10 million mobile wallets in aggregate. Utilizing IDTa™s RCH, Smart Money account holders and Globea™s GCASH account holders will be able to receive proceeds from traditional cash based money transfer transactions and be able to use those funds to make payments or withdraw cash in minutes.

aOur remittance clearinghouse enables mobile network operators to economically access the traditional international remittance flows and expand the reach of their mobile wallet infrastructures,a said David Weiss, EVP, Global Banking and Network Products for IDT.

IDT Financial Services (IDTFS) Ltd, a licensed bank headquartered in Gibraltar, will conduct all banking related activities for the RCH including transaction processing, foreign exchange management and settlement of funds within the ecosystem. IDTFS will also assure regulatory compliance and integrity for remittance clearinghouse operations.

Remittances initiated by immigrants in developed countries are a large and growing segment of the approximately $325 billion dollars in global remittances sent annually to developing countries. IDT plans to leverage its relationship with over 200 mobile operators worldwide, its banking capabilities provided by IDTFS, and its worldwide distribution reach serving immigrant populations to enable remittances from developed countries to developing countries on a global scale. Potential RCH clients include both carriers and traditional cash-based money transfer organizations.

ABOUT IDT CORPORATION:

[ IDT Corporation ] (NYSE:IDT) is a consumer services company with operations primarily in the telecommunications and energy industries. Learn more at [ www.idt.net ].

ABOUT IDTFS:

IDT Financial Services Limited is a regulated bank, licensed by the Financial Services Commission (FSC), Gibraltar, under the Banking Act 1992. IDT Financial Services Limited is a wholly owned subsidiary of IDT Corporation

ABOUT SMART COMMUNICATIONS, INC.:

Smart Communications, Inc. is the Philippines' leading wireless services provider with 45.6 million subscribers on its GSM network as of end-December 2010. Smart has built a reputation for innovation, having introduced world-first wireless data services, including mobile commerce services such as Smart Money, Smart Load and Smart Padala. Since 2000, Smart has been actively promoting mobile commerce usage in the Philippines through various services that run on the Smart Money Platform, benefitting over 8.5 million Filipinos using Smart Money. Smart also offers 3G and HSPA services. Its Smart Link service provides communications to the global maritime industry. Smart Broadband, Inc., a wholly-owned subsidiary, offers a wireless broadband service, Smart BRO, with 1.35million subscribers as of end-December 2010. Smart is a wholly-owned subsidiary of the Philippines' leading telecommunications carrier, the Philippine Long Distance Telephone Company. For more information, visit [ www.smart.com.ph ].

ABOUT GLOBE TELECOMa™S GXI AND GCASH:

G-Xchange, Inc. (GXI) is a pillar in m-commerce and a fully owned subsidiary of Globe Telecom, a leading full-service telecommunications company in the Philippines. GXI pioneered the mobile commerce service called GCASH, launched in the Philippines in October 2004. GCASH is an internationally acclaimed micro-payment service that transforms a mobile phone into a virtual wallet for secure, fast, and convenient money transfers at the speed and cost of a text message. Since the GCASH launch, GXI has established a wide network of local and international partners that includes government agencies, utility companies, cooperatives, insurance companies, remittance companies, universities, and commercial establishments offering GCASH services. GXI made a major breakthrough in being the first non-bank institution to launch a customizable ATM Card linked to a mobile wallet. The GCASH Card provides subscribers 24/7 access to over 9,000 ATMS in the Philippines. For more information, visit [ www.globe.com.ph/gcash/ ].