Xoom Offers Turnkey RemittanceSolution

June 20, 2006, 1:00 a.m. EDT 1 Min Read

SAN FRANCISCO - (06/20/06) -- Xoom, the provider of money transfersystems, unveiled a new turnkey web-based international remittancesolution on Monday. Xoom WebAgent will allow credit unions, banksand retailers to build or expand their self-branded money transferbusiness without having to make major capital investments ininfrastructure. Separately, Xoom announced it raised $15 million innew venture capital from Fidelity Ventures, which joins Xoom'sexisting investors Sequoia Capital, New Enterprise Associates andSVB Capital.

For reprint and licensing requests for this article, click here.

TRENDING

Community banking

A Utah bank is gone after 16 years of losses. Why did it survive so long?

Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.

By Polo Rocha

9h ago
Commercial banking

CRE focus 'unsustainable,' Valley National CEO says in strategy shift

The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.

By John Reosti

11h ago
Industry News

Capital One profit misses estimates as loan write-offs climb

Capital One, like Discover, is showing signs of greater stress in its loan portfolio. Credit-card write-offs totaled $2.2 billion in the first quarter, a 61% increase from a year earlier.

By Paige Smith, Bloomberg News

April 25

MORE FROM AMERICAN BANKER

Community banking

A Utah bank is gone after 16 years of losses. Why did it survive so long?

Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.

By Polo Rocha

9h ago
Commercial banking

CRE focus 'unsustainable,' Valley National CEO says in strategy shift

The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.

By John Reosti

11h ago
Cryptocurrency

Anchorage Digital debuts crypto settlement network

The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.

By Frank Gargano

April 25
Payments

Bread Financial 'feverishly' preps for CFPB late-fee rule scenarios

Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.

By Kate Fitzgerald

April 25
Artificial intelligence

Banks don't talk about the energy AI guzzles. Here's why they should.

Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.

By Penny Crosman

April 25
Regulation and compliance

FDIC board debates, then withdraws asset manager control proposals

The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.

By Ebrima Santos Sanneh

April 25