Los Angeles, Dec. 18, 2013 (GLOBE NEWSWIRE) -- Source Financial, Inc. (OTCQB: SRCF) ("Source"), an innovative financial services and payment solutions provider, announces today that its subsidiary, Moneytech Limited ("Moneytech"), a leading Australian financial solutions provider, with its project partner, HUBBED, have rolled out their CONNECT Digital Kiosk System to over 100 Newsagents Australia-wide
Moneytech, in partnership with HUBBED, developed the majority of the CONNECT back-end payment processing solutions, which includes the ability to settle courier company payments for parcel pick up and overnight delivery anywhere in Australia, when dropped off at a CONNECT Newsagent, as well as BPAY transactions with any of the 44,000 BPAY billers. The system also allows other parties to offer tailor-made services on the kiosks, as well as branded gift card solutions for newsagents to issue to their customers, which Moneytech issues under its Australian Financial Services License.
"We believe newsagents have a significant competitive advantage with a focus on personal service, convenient opening hours and direct customer interactions. The integration of Moneytech's payment solutions made for a successful pilot program, and the rollout take up is exceeding our expectations, with transaction volume doubling on a weekly basis," said David Mclean, CEO of HUBBED.
Australia's approximately 4400 Newsagents form one of country's largest retail channels and home delivery groups, turning estimated annual revenues of over AUD$7.8 billion. The kiosks allow newsagents to offer a new portfolio of products and services that are designed to create new revenue streams, amplify foot traffic, and diversify their in-store offerings, as well as increase their margins and average basket sizes.
CONNECT is fully endorsed by the Australian Newsagents Federation ('ANF') and is now live in over 100 locations, to be followed by an additional 400 locations in the coming months.
"This is a tremendous opportunity to contribute to the resurgence of Australian newsagents, who can now leverage CONNECT's suite of offerings to gain market share and improve their margins, while simultaneously providing their customers a superior experience. Most importantly, it offers consumers an alternative to Australia Post," stated Hugh Evans, President and CEO of Source.
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.
For this paragraph see prior release
Moneytech offers four main products to the Australian business community : 1) Credit Express - trade finance facilities for SMEs of AUD$1million- AUD$100 million, 2) Confirmed Capital - 100% Accounts Receivables funding for SMEs, 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 AUD$3-AUD$5 million dollars
Moneytech'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.