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Mobile Union and mtxpress

Mobile Union is a UK based international remittance company formed in 2007 which has developed a safe and secure web/mobile telephony driven remittance solution that makes sending money home faster, cheaper and more convenient for the millions of migrant workers living around the world.

The system known as "mtxpress" launched online in March 2010 on the UK to Bangladesh corridor one of the most active remittance corridors in the world. mtxpress focuses on peer-to-peer remittances via the web and not the broader cash based money transfer sector used by many companies and businesses. mtxpress has now been extended to cover the UK to Nepal corridor will be rolled out globally during 2011/12, focussing on the South East Asia and African corridors.

Recognising the growing importance of the online remittance sector the MTX platform delivers superior value to meet the needs of senders and receivers and those who rely on remittance to supplement household incomes. The benefits of the mtxpress service are extremely compelling:

• Online access to send and track remittances from your PC
• Low flat fees
• Simple, easy to understand tariffs
• Competitive exchange rates set by our partners each business day
• Exchange rates based on the official reference rate that are independently verifiable
• Immediate availability of funds under advice to the Beneficiary
• Safe and secure using proven state of the art technologies
• Excellent value for money especially in regard to the lowest value transactions
• Automatic remittance tracking providing the sender with certainty at each stage of the transaction lifecycle
• An email advice is provided to the sender on receipt of funds by the Beneficiary
• Convenience for both sender & receiver not previously seen in the remittance sector before
• Complies with all UK, European and International Money Transfer regulations

We believe that the key to success and therefore opportunity, of MTXpress lies in establishing a partner/agent network that penetrates deeply into the rural heartland of destination countries. Banks, Post offices, Micro-finance networks are ideal, but any customer facing retail business with similar reach and who share our ethos could also be considered as a partner.

Laxmi Bank Ltd is a Category "A" financial institution established in 2002 with assets of over NRR 21 Billion. With a network of 23 branches and over 500 remittances distribution agents across the country Laxmi Bank ranks amongst the top financial institutions in Nepal.

$400B Sent Home By Migrant Workers

200 million migrants around the world collectively send home more than $400 Billion each year to support their families, much of which is sent to developing countries. However, this global remittance business is controlled by a handful of players, thus resulting in an inefficient and uncompetitive market. Fees are high and exchange rates unattractive. At the most needy end of the market, communities are very poorly served, if at all.

This has been the subject of much debate in recent years by governments around the world and organisations such as the World Bank. The flow of remittances is often crucial to the very existence of some economies and societies, yet systemic inefficiencies abound.

The MTX Technology Platform

Recognising this opportunity, Mobile Union has developed a unique, mobile telephony centred, remittance service using the MTX Platform.

Leveraging the power and reach of the Web and mobile phone networks world wide, Mobile Union has created a secure workers remittance mechanism of superior value by lowering costs, improving customer convenience and expanding financial inclusion. At the same time, MTX significantly reduces operational and reputational risk through electronic mechanisms to eliminate fraud and ensure compliance with money transfer regulations, providing an assurance that the recipient is the person for whom the remittance was intended.

Using the Web as the access point eliminates the costs of selling agents and the need to make a visit in person; mobile telephony and sophisticated encryption of data enables real-time remittances 24 x 7, and through a combination of low-cost transaction fees, simple tariff structures and the most attractive FX rates, MTX is set to become the most price-competitive, convenient and efficient remittance service in the world.

Scalable and open access

Being platform and network neutral, meaning that the sender and recipient can use any PC, virtually any web access point, ISP, mobile network, or make of handset, anywhere in the world, and by adopting proven cutting edge technologies, Mobile Union is set to become a truly universal and trusted-partner in the Global Remittance business. The MTX platform is a sophisticated and total solution for our partners but simple for the users and unlike other solutions it is not dependent on high specification handsets.