The partnership aims to help provide socially conscious services that give back to emerging markets
Santa Monica, CA – July 20th, 2016 – Meed, the Santa Monica-based company committed to bringing socially-conscious innovation to the financial sector, today announced that it has signed an agreement with Cambridge Global Payments of Toronto, Canada. Meed and its rapidly-growing global network of Member Banks and Corporate Members have created a unique social banking model where, through the patent-pending SocialBoostTM program, the banks financially reward users worldwide for growing the Meed Community. The foreign exchange pricing, global payments settlements and reconciliations required between Meed Member Banks will all be handled by Cambridge.
“The innovative way in which our Member Banks will distribute money around the world, whether through the SocialBoost program or extremely low-cost remittances, means that we needed to find a global payments expert with truly worldwide expertise and capabilities.” said Phil Valvardi, Chief Financial Officer at Meed. “Cambridge demonstrated those abilities in abundance, and has already managed quickly to streamline complex worldwide settlement processes for our Member Banks and Corporate Members to a relatively simple solution.”
“At Cambridge, we’ve always taken pride in the innovation we can bring to bear for our partners.” said Mark Frey, Chief Operating Officer, Cambridge Global Payments. “Working with the team at Meed, who themselves are breaking new ground with the scale and ingenuity of their program, will be a challenge we are delighted to take on. The beneficial effects we believe Meed will bring about will make a significant difference where it’s needed most around the world.”
Meed is gearing up for launch within months across its initial target countries of Vietnam, Mexico, U.S. and Canada. With this suite of affordable financial services products from its Member Banks, Meed is targeting the huge segment of people worldwide who are disenfranchised from the current banking system, either by choice or by circumstance. Meed offers a new choice to this generation through its partnership with socially-conscious Member Banks who have aligned behind Meed’s vision of financial mobility for all.
Meed’s innovative mobile app will provide access to Member Banks that offer a demand deposit account, a security savings account, a secured line of credit, domestic and international transfers between Meed users, as well as access to the income-building SocialBoostTM program, which gives users the opportunity to earn a new income stream in return for growing the Meed community. For every $1 earned by Meed users through SocialBoost’s personal community plan, another $1 is returned by the Member Banks to the worldwide Meed community, helping those who need it the most.
Headquartered in Santa Monica, CA, Meed provides a new global platform for a community of networked Member Banks, Corporate Members and individual Meed users. The network provides access for users to the Member Banks for their financial services needs, and also provides a solution for financial exclusion and immobility. For more information, visit meed.net.
About Cambridge Global Payments
Cambridge Global Payments is a leading provider of integrated cross-border payment services and risk management solutions. As a trusted partner for over 20 years, Cambridge delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs. Our award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, we are flexible and responsive, with offices across North America, Europe, and Australia. Learn more at cambridgefx.com and follow us on Twitter and LinkedIn.
For further information, please contact:
Magnolia Marketing Communications
Phone: +1 (778) 320-0058
Chief Marketing Officer at Meed
Phone: +1 (949) 929-9692
Director, Marketing & Communications at Cambridge Global Payments
Phone: 1 416 646 6401 ext. 2392