TreasureCom Financial Holdings, Inc launches its TreasureBank/CaribPay platform offering a full suit

KENNESAW, Ga. (July 3, 2012) –– TreasureCom Financial Holdings, Inc. (TreasureCom) announced today the pre-launch of its TreasureBank/CaribPay financial services platform.
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July 5, 2012 - PRLog -- Over the last couple of years TreasureCom has reworked from the ground up its entire platform and has now created a financial eco system that allows customers and merchants to perform financial transactions from the convenience of their mobile phones.

Using a mobile phone, registered customers are able to send money, pay bills, perform Air-Time Top-ups and make merchant payments at the physical retail point of sale or online.  In addition, in select countries and in partnership with banks customers are able to perform core banking transactions such as checking, savings and loans payments. The service is not only available in the USA but also in other countries as well.

“TreasureCom is poised to become a leader in mobile branchless banking space serving the underserved worldwide,” said Mr. Gabriel Ramirez, CFO of TreasureCom and Professor of Finance in the Department of Economics, Finance, and Quantitative Analysis at the Coles College of Business, Kennesaw State University.  Today there are many companies trying to get into this mobile branchless banking space but have not quite developed a sustainable business model with a breadth and depth of service offering necessary to compete in the market place. TreasureCom business model, breadth and depth of service offering focused on creating a global financial eco system for the underbanked and banked customers is what differentiates TreasureCom from the others.

“The potential for mobile banking is enormous, and TreasureCom decided to go it alone in building an extensive partner ecosystem.  We see promise in leveraging our development platform to create solutions for this industry.” Recently TreasureCom launched its cutting-edge TreasureBank/CaribPay mobile banking apps that allow Android and iPhone mobile phone users to receive, send, spend and manage money anywhere, anytime. The Android and iPhone apps are recent additions to the company’s mobile banking technology that is also offered through SMS technology to customers around the world that do not have smartphones.

There is huge demand in the U.S. for a branchless banking solution to address the financial needs of the over 60 million underserved and unbanked customers in the USA. Creating an ecosystem that capitalizes on the smartphone to reach these constituents is the way to go, said Michael Treasure, founder and CEO of TreasureCom. “While some developing countries such as Kenya and the Philippines are advanced in using applications from mobile phones to move money around for the unbanked and underserved, the United States lags behind in the use of phones for mobile banking and payments that adequately addresses the needs of these customer demographics. The TreasureBank/CaribPay solution puts TreasureCom in a leading position within the USA and globally.

Mr. Treasure continued, “One reason for the success of mobile money is the burgeoning growth and high penetration rate of mobile phones and another is its ability to increase economic inclusion by reaching out to communities that are normally not served by traditional banks. The potential is huge. 60 million unbanked and underbanked people as well as the over 28 million small businesses within the USA and the 2.5 billion people globally are our target markets.”

The mobile payments industry is still nascent in the U.S., and demand is expected to skyrocket, Square, Intuit, PayPal and others are making waves in this space. While all these companies are providing payment solutions that ride on the traditional branded card networks such as Visa and MasterCard, TreasureCom has developed its own infrastructure using Smartphone and SMS technologies. Solutions by other companies do not really address the payment needs of the underserved and are not really providing a compelling price advantage to small business. TreasureCom payment option is a welcome differentiator as it provides a convenient and practical electronic payment method to the underserved and it does not ride on the traditional branded card network rails and does not require the merchant to retrofit with new POS devices. Therefore, the CaribPay Mobile payment solution provides a compelling price advantage for small business with much lower interchange rates and lower barriers to entry in terms of setup cost and ongoing recurring payments. As one merchant puts it, the TreasureCom CaribPay payment solution is very appealing to his small business setup because he is now able to offer an electronic payment option to his customers, a large majority of whom did not have any means of paying electronically because they do not have bank accounts and or credit cards. The CaribPay payment option solves that pain point for him and his customers.

Customers that traditionally are classified as banked customers that have used the CaribPay Mobile payment solution have expressed their satisfaction with the CaribPay Mobile payment option because as one such customer puts it “the CaribPay Mobile payment option now allows her to more securely pay at a restaurant because she no longer need to provide her credit card for the waiter to take out of her sight”. Something which she has never been comfortable with because she does not know what may happen to her credit card when it is taken out of her sight. With the CaribPay Mobile Payment option no credit/debit card and or bank account is needed.

TreasureCom Financial Holdings, Inc. is a financial services company established in 2004 to focus primarily on providing through a license arrangement a turnkey global banking platform to offer electronic transactional, mainly mobile, financial services.

TreasureCom employs a Cloud based approach; generally a partner license and operates a hub in a county. The licensed hub operator generally does not require any hardware or independent systems, unless for regulatory purposes a hub operator is required to maintain local databases, in which case a replicated mirrored database system is established at the Hub operator’s physical main location.

To learn more about TreasureCom’s TreasureBank/CaribPay mobile banking platform and the branchless banking eco system it is deploying visit us at

Gabriel Ramirez
CFO or at
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Tags:Mobile Banking, Mobile Payment
Industry:Banking, Technology
Location:United States
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