SAN FRANCISCO, Calif. - October 15, 2002 - Xoom Corporation today announced a relationship with PayPal, an eBay company, and Agente de Cambio Bienes y Valores Boya, S.A., a Dominican Republic based remittance and currency service. Together they will launch an online to offline international money transfer service to the Dominican Republic.
This service, available at www.xoom.com, will enable customers to send money through the Internet to recipients in the Dominican Republic. The beneficiaries will be able to receive the money offline, with delivery of funds generally made within a few hours of the transaction with seven-day week availability.
Xoom will provide the front end interface and back end tracking. PayPal will provide the payment transaction infrastructure. Boya, S.A. provides the fulfillment required for funds delivery. Xoom's platform will enable a convenient, safe, and cost-effective means for international electronic remittance.
"The number of expatriates going online is growing rapidly," said Kevin Hartz, co-founder and CEO of Xoom. "We are fulfilling a need, helping them transfer money home using a quick, secure, convenient, and cost effective means."
The Central Bank of the Dominican Republic reports over $2.5 billion was remitted to the Dominican Republic in 2001.
"We're excited to be working with Xoom and PayPal and broaden our reach through the Internet," said Ramon Castillo, President of Boya, S.A. "It will provide our customers a safe and low cost alternative for sending money to the Dominican Republic."
Xoom Corporation is an online-to-offline international money transfer service. Xoom offers a secure, fast, and inexpensive means to send money online-to-offline recipients in eight countries, including: Dominican Republic, Jamaica, India, Hong Kong, Nepal, Pakistan, Philippines, and Sri Lanka. All transactions are processed securely through PayPal, an eBay company.
PayPal, an eBay company, enables any business or consumer with email to send and receive Internet payments securely, conveniently and cost-effectively. PayPal's network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. PayPal has more than 20 million member accounts and, in the first half of 2002, processed more than $3 billion in payments. Based in Mountain View, Calif., PayPal is available to users in 38 countries including the United States.
About Boya, S.A.
Agente de Cambio Bienes y Valores Boyá, S.A. is a Dominican company registered with and authorized by the Central Bank of the Dominican Republic to deal in foreign exchange and money transfers. It has also filed for registration as a Money Services Business under the U.S. Bank Secrecy Act of 1999. It is a member of both the Dominican Association of Foreign Exchange Companies and the Dominican Association of Funds Remittance Companies.