12th Oct 2006 11:00
NETeller PLC12 October 2006 NETELLER Continues To Deliver On Diversification Strategy NETELLER Plc (LSE: NLR), the leading independent online money transfer business,today announced the latest milestone in its market diversification strategy byformally launching two new country specific versions of its service in Denmarkand Sweden. The Company also confirms its position regarding the US SAFE PortAct. US Safe Port Act Position As stated in an announcement of 2 October 2006, the Company, in conjunction withits advisers, continues to monitor the progress of the Act and likely resultantregulations. The Company expects to have a clearer view of how financialservices companies can comply and any possible resulting impact on its businessas the regulations are drafted in the 270 days following the signing of the Act.In the meantime, the Company will continue to operate its business to minimiseany potential adverse impact, maintaining existing customer and merchant supportacross all the markets it currently serves. Sweden and Denmark Launch The formal launches of the two new localised versions of the Company's servicein Denmark and Sweden represent the fifth and sixth new European productslaunched by NETELLER during 2006. The Company, which has customers in over 160countries, launched sites in Germany, France, Spain and Italy earlier this yearand expects to announce more localised services in the next few months. NETELLER has also announced a number of significant improvements to its e-walletservice. These are designed to offer merchants greater freedom and control overwhich markets they operate in, drive customer acquisition, and harmonise termsand conditions globally. Greater Choice for Merchants In an enhancement to the NetDirect merchant platform, the Company has releasednew capabilities which allow merchants the freedom to define which globalmarkets they wish to operate in. These new features work by enabling merchantsto maintain country black-lists that block any money transfers from customers inthose countries. Refer-a-Friend Program To further drive customer acquisition NETELLER has made its refer-a-friendprogramme more appealing. Now NETELLER pays direct cash incentives for each newreferral. By bringing more customers who have existing relationships with oneanother into the NETELLER community, the Company believes it will help driveincreased use of its service. Commitment to Consistent High Standards in Business NETELLER has also achieved a significant milestone in its 12-month programme toharmonise its terms and conditions across Europe, North America, and parts ofAsia. Recent changes for North America enable the Company to apply the same highstandards that it uses in compliance with FSA authorisation and Joint MoneyLaundering Steering Group activities across all geographies. As part of this commitment to apply standards consistently across the Company,NETELLER maintains all of its customers' deposited, in-transit, and un-clearedfunds in Trust Accounts, which are segregated from the Company's own cashbalances. Therefore all customers can be confident that their money is heldsafely in their NETELLER account with no default risk, and funds can betransferred with total flexibility, speed and simplicity. Ron Martin, President and CEO of NETELLER commented: "These updates, includingnew Danish and Swedish services, merchant platform improvements, and harmonisedterms demonstrate our unwavering commitment to our customers and merchants.These launches represent further milestones in our continued global expansion aspart of our diversification strategy." Enquiries: NETELLERAndrew Gilchrist, VP - Communications + 44 (0) 1293 555 726 Citigate Dewe Rogerson + 44 (0) 207 638 9571Sarah Gestetner/Sebastian Hoyle/James Read Notes to Editors The NETELLER GroupWith over 3 million customers in 160 countries, 3,500 merchants, and over $7billion in annual transactions, the NETELLER Group operates the largestindependent online money transfer business in the world. The Group specializesin providing innovative and instant payment services where money transfer isdifficult or risky due to identity, trust, currency exchange, or distance. Beingindependent has allowed the Group to support thousands of retailers andmerchants in many geographies and across multiple industries. The Group is one of the largest companies quoted on the London Stock Exchange'sAIM market, with a ticker symbol of NLR. NETELLER UK Limited is authorised bythe Financial Services Authority (FSA) to operate as a regulated e-money issuer.For more information about the Group visit www.netellerplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Paysafe Group