MoGate Technology: a mobile wallet method for international money transfers
New system does not require bank accounts, just mobile phones.
Send and Receive across continents in 10 minutes!
Swift Frontiers Technology Platform
Some international money transfers may take days while others require a bank account for the recipient. When you consider that 56 percent of the world’s adult population do not have bank accounts, it can be problematic.
In addition, many long-distance money transfers have high transfer fees, unfavorable exchange rates and operate only during bank business hours. If the time zone differences are factored in, more problems are created. In the event of a family emergency, time can be of the essence.
Swift Frontiers, a team of entrepreneurs from Riverdale, Ga., has the answer. This team of experts in payments technology have developed the MoGate Technology, a system that enables secure international money transfers using only mobile phone numbers. No bank account is needed to access the cash.
“By using Swift Frontiers’ MoGate Technology, you can send money from one mobile phone to another by using just the recipient’s mobile number in any country,” says Michael, the VP of Operations. “More than 90 percent of the adult population have mobile phones, so this is going to create a whole new world for money transfers.
“Not only are people going to be able to receive money instantly but they’ll be able to access it at any ATM. The entire sending and receiving process will take 10 minutes or less. By punching in the access code at an ATM, the recipient can get cash 24 hours a day.”
The technology to develop this type of system is complex and the legal and regulatory ramifications are extensive. The Swift Frontiers team estimates that they’ll need $292,000 to complete the MoGate Technology platform and take care of legal and professional fees as well as pay for state licenses and federal registrations. Launch of the system also requires an office, staff and marketing.
The initial phase of operations includes providing remittance services from three states to one pilot location in Asia and another in Africa.
In order to generate this start-up capital, the team has launched an Indigogo campaign, which can be viewed at the Indiegogo site.
Donations of any amount are welcome. In order to encourage contributions, they are providing perks, such as Chinese, Indian and African jewelry, sashes, hats and tableware.
“We are providing the first technology that eliminates the middle man in international transfers,” Michael noted. “With Swift Frontiers Technology, fees will be lower and remittance will be simpler and easier. All you need is a mobile phone.”
For additional information, visit www.indiegogo.com/projects/mogate-mobile-phone-technology-for-money-transfer; the Swift Frontiers Technology website, www.swiftfrontiers.com; or the Swift Frontiers Technology Facebook page, www.facebook.com/SwiftFrontiers.
The team can be reached directly at firstname.lastname@example.org.
Swift Frontiers Corporation
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