HOUSTON and MIAMI, May 15, 2024
/PRNewswire/ -- TransNetwork, a B2B payments infrastructure
platform for instant money movement in the Americas, announced the
acquisition of Inswitch, a provider of embedded finance
technology. This strategic acquisition combines TransNetwork's
payments network and instant money movement capabilities
with Inswitch's financial technology solutions offered
via an API-based core platform. The transaction will accelerate the
development of TransNetwork's digital product suite for
cross-border payments in Latin
America.
Together, TransNetwork and Inswitch will offer a range of
financial technology products for enterprises and their end users.
The combined company's product suite will include white-label
digital wallets, cross-border and domestic payments, full-service
issuance and processing of physical and digital cards, and an
extensive pay in and pay out network which includes banks, card
acquiring, cash, wallets among other features. TransNetwork and
Inswitch's common mission is to digitize cross-border payments and
the provision of financial services in Latin America. This includes facilitating the
transition from cash to digital-first financial services and
providing access to safe and convenient real-time financial
services across borders.
Leveraging Inswitch's technology and regional expertise,
TransNetwork will enhance its money send and receive capabilities
and offer innovative digital products to enhance its value
proposition to its partners and clients. "With the acquisition of
Inswitch, we at TransNetwork are taking a major step towards
transforming the instant cross-border payments industry by
enhancing our payments processing platform through innovative
digital products and capabilities. Our goal is to strengthen our
product offering and provide our clients with fast, secure, and
convenient digital payment solutions for their cross-border B2B2C
needs," said Jorge Raull, Founder and CEO of TransNetwork. "We
look forward to working with Ronald
Alvarenga and the team at Inswitch to introduce these
exciting new offerings in the coming months," added Jorge
Raull.
With this acquisition, Inswitch is well-positioned to extend
its payment and regulatory coverage to its existing and new
clients. Additionally, Inswitch's partnership with TransNetwork
will allow it to deliver its advanced technology and complete
financial services product suite in the
United States. "Through this acquisition, Inswitch becomes a
strategic pillar to strengthen and grow TransNetwork's business in
the US and Latin America. As a
result of the transaction with Jorge Raull and TransNetwork, our
regulatory framework and payment rails will continue to expand
across the region. Together, we believe that we are set to become
one of the most versatile players in the Americas and offer
customers an exceptional financial services platform," said
Ronald Alvarenga, CEO of
Inswitch.
About Inswitch
Inswitch is a global provider of
"embedded finance" technology, serving companies and organizations
for the rapid deployment of their own digital financial services.
With Inswitch's API-based Fintech-as-a-Service platform, any
company can select the best financial solution for its specific
needs. All this with a strategy of rapid and frictionless
commercialization, leveraging Inswitch's global network for cash
operations, banking, credit/debit cards issuance, and payments. For
more information, visit www.inswitch.com.
About TransNetwork:
TransNetwork provides banks, money
transfer operators, payment providers, and financial technology
companies with access to a multinational network that supports
various use cases. For more information, visit
www.transnetwork.com.
LinkedIn:
@Inswitch
X:
@inswitch
URL: https://inswitch.com/
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SOURCE Inswitch; TransNetwork