MasterCard, eServGlobal and BICS create remittance joint venture

Mastercard

Creates remittance joint venture.

MasterCardeServGlobal and BICS have announced the formation of HomeSend, a joint venture which will enable consumers to send money to and from mobile money accounts, payment cards and bank accounts regardless of their location.

The HomeSend JV will leverage the current HomeSend platform, a remittance hub based on eServGlobal technology and developed as part of a strategic partnership between eServGlobal and BICS. The HomeSend platform was first to market in offering international mobile remittances. HomeSend has deployments in 50 countries and commercial contracts with mobile network operators and money transfer operators.

“HomeSend will provide an important platform to deliver improved remittance services, and bring person-to-person transfer capabilities to more financially underserved consumers around the globe,” stated Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. “MasterCard, eServGlobal and BICS each brings its own unique contribution to the newly formed entity. Collectively, we have an opportunity to improve people’s lives.”

“This is a significant development for the global money transfer industry and we are delighted to be part of this new venture,” said Paolo Montessori, CEO and Managing Director of eServGlobal. “This combination creates one of the most comprehensive offerings in the market, and we believe will be an important step in the journey to extending cost-effective and easy-to-use financial services to people worldwide.” 

“We are very happy to be part of this significant milestone for the mobile financial services industry, and believe this type of service can open up new remittance corridors and expand the scope of money transfers around the world,” added Daniel Kurgan, CEO of BICS.

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