Pervasip Corp (PVSP)

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m-banco to Offer Mobile Financial Services Using LightSquared Network

PARTNERSHIPS JUST KEEP COMING!!

Mobile devices will become "mobile wallets" for m-banco customers
RESTON, Va. and NEW YORK, Nov. 3, 2011 /PRNewswire/ -- LightSquared™, a wholesale carrier building a nationwide wireless broadband network that will create consumer choice and drive industry innovation, and m-banco, a U.S.-based company that delivers innovative mobile communications and financial services to the U.S. Latino community, have signed a wholesale agreement that will enable m-banco customers to conduct financial transactions and data and voice communications using mobile devices. With m-banco's Mobile Money solution, customers can use mobile devices to conduct data and voice communications and banking services such as wire transfers, device-to-device payments and device-to-ATM transactions. The solution is designed for customers who do not have a bank account, either by choice or for other reasons such as not having enough money to open an account or being unable to afford high bank fees. In fact, according to the Federal Deposit Insurance Corporation (FDIC), 8 percent of American households do not have a checking or savings account, a portion of the population often referred to as the "unbanked." Using LightSquared's nationwide 4G-LTE network, m-banco will provide high-speed data services to support VOIP communications and Mobile Money transactions.

"We are committed to delivering advanced wireless services to our customers so they can conduct voice communications and wireless transactions with friends, family and financial institutions in the U.S. and around the world," said Randolph Kantorowicz-Toro, chairman and chief executive officer of m-banco. "LightSquared's network and wholesale-only model will essentially turn m-banco devices into 'mobile wallets' so our customers can conduct financial transactions at any time, at reasonable rates and regardless of location."

"Once again LightSquared has announced a partnership with an emerging company that is poised to use advanced wireless technology to deliver unique solutions to their customers," said Sanjiv Ahuja, chairman and chief executive officer of LightSquared. "We are pleased to partner with m-banco whose commitment to the Latino market aligns with our plans to provide wireless broadband services to underserved communities throughout the United States."

http://www.prnewswire.com/news-releases/m-banco-to-offer-mobile-financial-services-using-lightsquared-network-133145703.html