"A New Day for Immigrants and Families Around the World"
TIGRA and Virtual Money, Inc. Announce Accreditation Agreement to Set New Business Standards
Los Angeles, California – "Today signals a new day for immigrants and their families around the world," says Francis Calpotura of TIGRA in response to a question from a reporter from Immigrant Magazine. "A company has stepped up to say 'We understand your aspirations. We are committed to your communities.' and is willing to back this up with their money."
The press conference today announced a landmark agreement between the Transnational Institute for grassroots Research and Action (TIGRA) and the Dallas-based Virtual Money Inc. The "Accreditation Agreement", complete with its own logo to be placed on Virtual Money products and literature, is a product of months-long negotiations between TIGRA and the company. The result of these discussions yielded what can be considered new standards in the money transfer industry: (1) fair prices of at least 20% lower than the norm set by industry leaders like Western Union and MoneyGram; (2) adoption of socially-responsible screens on investments to ensure that resources do not foster further displacement of communities; (3) a customer service framework that values transparency, respect and non-discrimination; and (4) a commitment to genuine community reinvestment that allocates up to 10% of its pre-tax profits to sustainable development projects identified by local communities.
"This is how I envisioned the role that Virtual Money plays," according to Robert Hodgins, Founder, President and CEO of Virtual Money Inc. "Because of the new technology, there is no reason why people have to pay such outrageous prices. We can do it cheaper, get it to the hands of people faster, and let the consumer know every cost involved in the process." Its signature product, the Virtual Money Card, is now used in 137 countries since its launch in 2000.
But Hodgins says that there's a much more profound reason for the company's exuberance about its relationship with TIGRA. "The industry is changing from cash to digital, from storefronts to more nimble community-based partnerships. TIGRA's the best way we know right now to reach people. It's a source they can trust, speaks their language, and knows their culture."
"This is a good start," claims Aquilina Soriano, Director of the Pilipino Workers Center (PWC) of Southern California, who moderated the conference. "This agreement should pave the way for other companies to follow." TIGRA is currently holding similar discussions with a number of other money transfer companies.
Held at the offices of CARECEN in the Pico-Union area of Los Angeles—regarded by many as "ground zero" for the immigrant rights movement—the media event may also usher in a new phase for migrant-inspired action. One that is willing to enter into unlikely alliances from a position of strength based on its economic power.
Transnational Institute for Grassroots Research and Action (TIGRA) is a national network of more than 200 immigrant organizations in the United States and migrant networks around the world working together to clean up the practices of the money transfer industry to ensure community reinvestment.
PRESS STATEMENT
DELIVERED BY:Francis Calpotura, TIGRA Founder &
Director
When we announced the boycott campaign on Western Union on
September 10, 2007, we were poised for a long and arduous dispute.We declared the fairness of our cause, knowing
that the odds were long—an emerging network tangling with an established
global giant. Immigrant Families versus Corporate Power. David versus
Goliath.But what we didn’t expect
is for others in the industry to buck the odds as well, and stand up for what’s
fair and just.
We are pleased to announce that TIGRA and Virtual Money Inc.
have come to an agreement that many thought was unattainable. During the past
week, both parties, along with one of its authorized Master Agents ICE Holdings
Limited (IHL), have signed an accreditation agreement that contains the
following provisions: (1) provide fair prices of at least 20% lower than the
industry standard; (2) commit to socially-responsible investing; (3) abide by
customer service standards based on transparency and non-discrimination; and
(4) adhere to a community reinvestment strategy which allocates up to 10% of
revenues to projects that assist transnational communities. We applaud the
courage of our colleagues, Robert Hodgins, CEO of Virtual Money Inc., Ian Simm
and Carlene Spiteri of IHL, for setting the bar for the whole industry.
Hopefully, this is the first among many companies to step up and embrace these
standards.
As we celebrate these historic agreements, we pledge to
continue our campaign on Western Union. As the leader in the industry that controls 18% of the global market,
they have an undue responsibility to contribute to the well-being of immigrant
families. Once again, we appeal to
Western Union to show courage and commitment. Once again, we invite Western
Union officials to sit down and find a fair resolution to this dispute.
Virtual Money Inc. has led the way to make it easier for
Western Union to follow.
Today, the ultimate winners are immigrant families who will
have a few more dollars in their pockets, more resources for community-based
projects, and the newfound confidence brought about by their collective
action.
Francis Calpotura,
Founder and Executive Director of TIGRA, is an immigrant from the
Philippines who currently lives and works in Oakland, California. Francis has extensive community
organizing experience working with various immigrant and low-income communities
in the United States and beyond. TIGRA is currently sponsoring two major initiatives: consolidating the
more than 200 immigrant-serving organizations in the United States and its
migrant counterparts in Asia, Europe, Latin America, and Africa into the Global
League of Community Sustainers as a network of remitters worldwide; and
nurturing the formation of the Transnational Community Reinvestment Fund as a
resource institution that supports projects that addresses root causes of
displacement.
Robert Hodgins, CEO
& President, Virtual Money Inc.After three years of development, Virtual Money Inc. was incorporated in
2000 to launch its signature product, Virtual Money Card, and is now used in
over 130 countries around the world. Virtual Money Inc. is a privately-held
company based in Dallas, Texas
Ian Simm &
Carlene Spiteri, co-owners of ICE Holdings Limited (IHL), and authorized
independent Master Agent for Virtual Money Inc., are based in Brisbane,
Australia and in Dubai, UAE.IHL
signed a supplemental agreement with TIGRA to reinvest up to 10% of their
revenues to migrant-serving initiatives worldwide, with a specific focus in
Latin America.IHL is convening an international support
network to assist the TIGRA
network on their financial services needs.
All
Rights Reserved 2005. http://www.transnationalaction.org/
