Xoom.com partners with Metrobank, BPI and BDO/EPCI

INQUIRER.net
Posted date: December 13, 2007

SAN FRANCISCO, CA, October 29, 2007 – XOOM.com, one of the fastest growing remittance companies to the Philippines, announced today strategic partnerships with Metropolitan Bank & Trust Co. (Metrobank), Bank of the Philippine Islands (BPI), and Banco de Oro/Equitable PCI (BDO/EPCI). These partnerships will revolutionize the way money can be sent to the Philippines – all with a click of a mouse.

Bank deposits that used to take days to send are now a thing of the past. They can be “Xoomed” (pronounced: “zoomed”) online to recipients’ accounts within hours, making the process convenient for both the sender and the receiver.

Established in 2001, XOOM Corporation built its business model around the power of the Internet. Bank deposits that used to take days can now be credited to the beneficiary’s Metrobank, BPI or EPCI account within hours through XOOM’s proprietary technology. Encryption is also used to make fund transfers safe and secure.

XOOM.com and METROBANK

XOOM.com and Metrobank have tied-up to provide faster bank deposits to the Philippines. With a click of a button, XOOM.com customers can deposit money to any Metrobank account and the money will be available to the recipient in just hours.

“Serving Filipino remitters is very important to Xoom. Our partnership with Metrobank will enable us to provide much faster deposits to Metrobank accounts and greater convenience to both senders and receivers,” said John Kunze, President and CEO of Xoom.

Metrobank is ranked amongst the top 300 banks in the world. Metrobank services the fund remittances of Filipinos worldwide including overseas contract workers.

XOOM.com and BPI

The tie up between the convenient Internet-based money transfer service of Xoom and BPI, ranked the Philippines’ number one bank in remittance volume, is a perfect alliance. Millions of overseas Pinoys can now send bank deposits directly to their loved ones BPI account with the simple click of a mouse. The money sent will be available to the recipient in just hours.

“As a kababayan, I know speed is the key. Pinoys prefer that money sent to loved ones gets to them fast. With XOOM.com, the money is in a BPI account within hours,” said Gene Gutierrez, XOOM.com Regional Vice President, Philippines.

Established in 1851, the Bank of the Philippine Islands (BPI) was the first bank in the Philippines and in Southeast Asia. BPI’s long and proud history boasts of many “firsts” in Philippine banking. BPI has distinguished itself by catering to the ever-evolving needs and lifestyles of the public.

XOOM.com and BDO (now merged with EPCI)
The tie-up between XOOM.com and Philippine banking giant BDO Remittance [that has recently merged with Equitable PCI bank (EPCI)] is designed to provide super fast remittances for bank deposits and cash pickups within minutes at all BDO-EPCI branches.

With a click of a mouse, money sent to any BDO*-EPCI account by XOOM.com customers will be available to the recipient in just hours. The super fast bank deposit within hours is provided through XOOM’s proprietary technology. (*Bank deposits within hours available at EPCI accounts currently. BDO coming soon)

XOOM.com in partnership with BDO and EPCI provides not only bank deposits at recipient’s BDO/EPCI bank accounts as well as cash-pick up within minutes at over 1800 agent locations which include the popular SM Malls and Cebuana Lhuillier pawn shop locations.

“We see a lot of opportunities in this partnership. The partnership with BDO will provide a more convenient remittance for our Filipino clients. BDO’s network offers faster transactions and more disbursement options for our customers,” said John Kunze, President and CEO, XOOM Corporation.

XOOM.com has been in partnership with Equitable PCI (EPCI) bank for the past three years. With the merger of two of the Philippines’ largest banks, Banco de Oro Universal Bank and Equitable PCI Bank (EPCI), BDO is now one of the Philippine’s top banks. As a result of the merger, the bank now offers an extensive nationwide reach commanding a network of more than 600 branches and over 1,200 ATMs in the Philippines.

“We live in a world where everyone wants instant gratification. Our customers demand that bank deposits take just a few hours – not days. XOOM.com meets that demand by taking advantage of the latest technologies to provide faster remittance services,” said Julian King, Senior Vice-President Marketing and Product.

XOOM’s money transfer fees start as low as $3.50. Senders can fund their transactions with their bank accounts, credit cards, debit cards or PayPal accounts. Recipients have the option of receiving their funds either in dollars or pesos.

The last year ushered in exciting growth for XOOM. It has more than doubled its cash pickup locations from 800 to 1,800 across major cities and remote provinces in the Philippines. SM Malls, EPCI Bank and Cebuana Lhuillier pawnshops are among the many places where money transfers can be conveniently picked up. As an added bonus, remittances can also be delivered door-to-door at no extra charge.

Money transfers with XOOM are easy. Simply log on to XOOM’s website at www.XOOM.com, enter sender and recipient information and the amount to be remitted. Next, select a disbursement method. Choose from bank deposits within hours, cash pick-up within minutes and home-delivery at no extra charge. Then, choose a payment method and click “send.” The money will be available quickly and conveniently to the receiver.

“I know that when I remit money to the Philippines, I like a reputable institution at the other end handling my transfer. Our partnerships with Metrobank, BPI and BDO/EPCI ensure a safe and convenient remittance process from start to finish. Bank deposits are fast and are credited in hours,” says Gene Gutierrez, XOOM.com Regional Vice-President, Philippines.

Executives from XOOM say that they are only scratching the surface. Exponential growth is in their forecast. And with XOOM.com’s unsurpassed products and services, the Filipino community will definitely love this radical change in remitting money to the Philippines.

ABOUT XOOM

XOOM.com allow individuals to send money from any Internet-enabled computer to family, friends and businesses worldwide. XOOM Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures. www.xoom.com.