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Technocash on the market

08 July 2013 4:31PM
Technocash has put its funds' transfer business up for sale just weeks after the banks choked off its operations and forced it to close.In a pitch on its website, its owners describe the Technocash payment platform as "a global, multi-currency system... [that] excels with B2B instant cross-border payments [and] has proven itself as a groundbreaking system."Technocash said it "facilitated international B2B payments for over a decade, moving millions upon millions of dollars through its system."It also acknowledged that clients "are now searching to find payment solutions in the wake of Technocash's untimely closure."Technocash said it was "unfortunately caught up in the US government's action against Liberty Reserve and has suffered as collateral damage", and that it was "no longer possible for us to operate the system because of loss of access to banking services.In early June, US authorities included some Technocash bank accounts in Australia on a list of "forfeitable property" linked to seven men charged in connection with money-laundering claims. These relate to Costa Rican-based Liberty Reserve.

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