Microfinance International Corporation Joins International Payments Framework Association
WASHINGTON, DC, February 14, 2011 – Microfinance International Corporation (MFIC), operator of ARIAS, a global turnkey remittance solution, today announced that it has joined the International Payments Framework Association (IPFA) in January, 2011.
MFIC joins a group of major payments industry players in the association. Members must adhere to the association’s business rules, standards and operating procedures. The association has created a contractual framework to improve cross-border credit transfers.
“We are thrilled to join IPFA and aid in simplifying cross-border credit transfers,” MFIC President and CEO Atsumasa Tochisako said. “As a leading remittance solution, we support and look forward to contributing to the creation of a framework for these transfers. “
Arthur Cousins CEO of the IPFA, said, "The International Payments Framework Association is delighted to welcome Microfinance International Corporation, one of our newest members, into our association. We hope their membership in the association will help them achieve their mission of expanding affordable and professional financial services to markets where their services are not available at present. We look forward to a strong and long lasting relationship with this innovative organization.”
The IPFA was established as a U.S. not-for-profit association in February 2010 and encourages enabling interoperability between domestic and regional non-urgent payments systems and banks. MFIC operates ARIAS, an advanced payment/settlement system connected to a network of payers in over 100 countries.
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About MFIC
Headquartered in Washington, D.C., Microfinance International Corporation (MFIC) aims to expand affordable, professional financial services to markets where such services have been unavailable, overpriced or disconnected from mainstream banking. MFIC offers ARIAS, innovative payment solution, and other services to provide financial service providers an immediate infrastructure to securely deliver value-added services to these markets worldwide.
About IPFA
The International Payments Framework Association (IPFA) is a membership-driven, not-for-profit organization that provides rules, standards, operating procedures, and guidelines to improve cross-border payments. For more information on the IPFA please visit http://internationalpaymentsframework.org .