The Reggae Money Express-Xoom.com partnership will allow customers to send money from a credit card or chequing account to Jamaica from any Internet-enabled computer, the Jamaican company said Wednesday.

The details of the deal were not disclosed.

services offered

Reggae Money Express offers cash pick-up at some 70 sub-agents in the island, deposits to accounts held at any financial institution, bill payments, as well as mortgage and other loan payments.

Under the new Xoom facility, when paying from a chequing account, the cost to transfer money to Jamaica, in amounts up to US$2,999, will be US$7.99.

"... Xoom.com offers Jamaicans living abroad the convenience of sending remittances from the comfort of their home computer directly to a Capital and Credit Reggae Money Express agent location in just minutes," said Sheron Dixon-Brown, general manager of Capital and Credit Remittance Limited, which operares the Reggae Money service.

The United States is the source of more than 50 per cent of remittances to Jamaica.

regulatory requirements

Based on regulatory require-ments, some deposits to bank accounts must be accompanied by an authorisation.

Julian King, Xoom.com's senior vice-president, marketing and business development, said in a joint statement with Capital and Credit that through the deal, the online money transfer operation has quadrupled the size of its network in Jamaica.

Xoom Corporation was founded in 2001 in San Francisco, backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures.

business@gleanerjm.com