First Global Data, a Canadian financial services technology firm, has signed a letter of intent with Zoompass, a provider of mobile money and prepaid solutions, to offer a host of payment services.
Under the agreement, both firms will collaborate on a range of initiatives including jointly offering check 21 transaction processing services in the US for Zoompass and First Global customers.
Check 21 is a broad term, which is used to explain processing that clears transactions through bank-to-bank file transfer rather than through the ACH network.
Zoompass will use First Global's US licenses and compliance capabilities to foray into specific target demographics for cross border payment services.
Furthermore, First Global will leverage Zoompass' US prepaid card issuance capabilities to provide prepaid cards to its customers.
Moreover, tapping the relationship Zoompass between Canada Post, First Global will allow loading of its mobile wallets at nearly 6,000 Canada Post and Shoppers Drug Mart locations throughout Canada.
First Global chairman and CEO Andre Itwaru said: “By leveraging each other's strengths and relationship partners, the mutual business collaboration enables both companies to deliver additional innovative cross referral profitable revenue share opportunities.
“Together we are stronger and able to provide a full suite of Fintech solutions to our existing base of clients and partners. This relationship will also help First Global to deploy faster and more aggressively as part of our North American geographic segment strategy.”