Los Angeles, Oct. 28, 2013 (GLOBE NEWSWIRE) -- Source Financial, Inc. (OTCQB: SRCF) ("Source"), an innovative financial services and solutions provider, announces today that its subsidiary Moneytech Limited ("Moneytech"), a leading Australian financial solutions provider, has partnered with HUBBED to create their first proof of concept CONNECT Digital Kiosk System, which will allow Australian newsagents to offer their customers new revenue generating consumer categories and services. The partnership has delivered the first eight units to the pilot program's participating storefronts.
HUBBED is backed by Matt Handbury of Murdoch Media (related to Rupert Murdoch and News Limited), who was named as one of Australia's most influential media members http://www.theaustralian.com.au/top50/2012/media, and has designed digital newsagent kiosks that lets its users conduct a wide variety of convenience services, including but not limited to;
• Conduct BPAY (over the counter bill payments) transactions
• Purchase Gift and Prepaid Cards
• Print Photos
• Drop off and pick up Parcels
• Groupon Coupons
• And much more…
HUBBED creates new connection points between consumers, channels, partners and products. The first solution that has been designed and implemented is CONNECT, which was designed to specifically support new growth for newsagents. Newsagents together make up one of Australia's largest retail and home delivery groups turning over AUD$6.5 billon a year and employing more than 20,000 people.
HUBBED partnered with Moneytech, who developed and delivered the majority of the financial services and systems backbone, which allow the Kiosks to conduct transactions, including
• Settling all BPAY transactions conducted through a HUBBED Kiosk. To facilitate this, Moneytech became a BPAY Payment Instruction Member, an honor usually reserved for banks.
• Offering a generically branded gift card solution for Newsagents to issue to their customers.
• Automatically settling the correct monies for courier companies to conduct parcel pickup, as well as the other parties who offer services on the HUBBED kiosks.
Moneytech's technological and financial acumen allowed for a seamless implementation of HUBBED's vision and the kiosks are currently successfully operating in 8 pilot newsagents.
"Through this partnership, we are delivering a new range of unique and convenient services, and Moneytech was a key component to achieve our goal of delivering these in-demand offerings to dealers and customers. Moving forward we will to continue to focus on the newsagents' and the end-users' needs. We plan on rolling-out additional kiosks immediately while expanding the services offered on them, increasing the impact that these units will directly, and indirectly, contribute to the newsagent's bottom lines", stated David Maclean, CEO of HUBBED.
HUBBED is a one stop product and service aggregator, working with clients to develop consumer offerings and business solutions to deliver growth and profitability within channels such as the Australian Newsagents Federation, bringing in-store, online and mobile solutions for new products and services to be promoted through the Newsagency channel in Australia.
About Source Financial:
Source Financial, Inc., through its two subsidiaries Moneytech Limited and WikiTechnologies, offers a complete suite of financial products for Consumers and Businesses.
Moneytech offers four main products to the Australian business community : 1) Credit Express - trade finance facilities for SMEs of $25,000- $250,000, 2) Confirmed Capital - 100% Accounts Receivables funding for SMEs up to $5 million, 3) Card Solutions- Wholesale gift and prepaid debit card solutions, and 4) Foreign Exchange solutions - Spot Transactions, Forward Cover, Derivatives and Options. Moneytech's targeted financings are $3-$5 million dollars.
The Company's website is located at: www.moneytech.com.au
WikiPay, a Money Service Business, is a low-cost, mobile and online money transfer and payment solution operating through all 50 United States. For more information, please visit: www.wikipay.com.
WikiLoan is a low-cost peer-to-peer lending platform that works through the participation and collaboration of family and friends through social networks. The company's website www.wikiloan.com provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
CONTACT: Investors may contact: Market Street Investor Relations Inc. at (877) 218-9173 Source:Source Financial Inc.