Capital Access Network, Inc. Launches International Engagement of Proprietary Daily Remittance Platform™
AvanzaMe Dominicana to serve Caribbean market
Scarsdale, N.Y., March 21, 2011 - Capital Access Network, Inc. (CAN) today announced the launch of an international Technology Services Agreement with AvanzaMe Dominicana, Ltd. AvanzaMe Dominicana selected CAN's Daily Remittance Platform™ (DRP), an engine enabling enhanced working capital opportunities for small and mid-sized businesses (SMBs), for the Dominican Republic marketplace.
"The Dominican economy has seen significant growth over the past decade, representing a trend throughout Latin American as a whole," said Victor Jose Pacheco, Vice President, AvanzaMe Dominicana. "This growth must be supported by sufficient access to capital for small and mid-sized business owners seeking to manage and grow their businesses. CAN's DRP provides an innovative solution to this issue."
DRP enables finance providers to deliver daily remittance and recurring revenue-based finance products to SMBs while driving credit card issuance and acceptance. The constant touchpoints in this model provide a more effective alternative to traditional monthly payment, relationship-based and personal credit score-based models. DRP integrates more timely and relevant SMB revenue and behavioral data into all aspects of product delivery, decreasing the capital provider's risk while increasing capital access for underserved SMBs.
"As economies across the globe continue to face finance challenges, innovative capital delivery models become increasingly necessary, both within and outside the United States," said Glenn Goldman, CEO and President of CAN. "The innovations embedded in DRP can solve the issues of several constituencies - SMBs, capital providers, card issuers and acquirers and processors."
DRP is delivered as a hosted service or cloud-based technology and can be tailored to meet specific risk tolerance and reporting needs. CAN has tested and refined DRP's model for more than 12 years by providing, through its subsidiaries, US $2 billion of capital to more than 35,000 SMBs in the United States.
About Capital Access Network, Inc.
Capital Access Network (CAN) delivers innovative financial products and services, led by its flagship product, the Daily Remittance Platform™, for small and mid-sized business (SMB) capital providers. CAN offers SMB lenders, credit card issuers, lessors, processors, acquirers, banks, and other capital providers customized platforms and hosted services that enable daily remittance-powered financial products that improve underwriting decisioning and delivery, extend customer lifecycles, control costs and enhance portfolio performance. Learn more at www.CapitalAccessNetwork.com.
About AvanzaMe Domincana, Ltd.
AvanzaMe Dominicana was founded in October 2010 by a seasoned team of international development business leaders in Latin America with significant leadership roles at Grupo Tavares and Grupo Vimenca. Their substantial international finance experience in payments, factoring, money transfer, foreign exchange and banking services provides an excellent foundation for providing vital working capital solutions to small and mid-sized businesses in the Dominican Republic. Learn more at www.AvanzaMe.com.
MEDIA CONTACT:
Carrie Crabill
Trevelino/Keller
404-214-0722 Ext.102
ccrabill@trevelinokeller.com
