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MasterCard Inc, eServGlobal Ltd and BICS create remittance joint venture

Thursday, 19 Dec 2013 02:00am EST 

eServGlobal Ltd:Announces, together with MasterCard Inc and BICS, the formation of HomeSend, a joint venture (JV) which will enable consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets-regardless of their location or that of the recipient.Says 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.Says HomeSend has live deployments in 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs) that represent more than 1.2 billion subscribers.Says by connecting the worldwide community of telecom partners and MTOs to the more than 24,000 financial institutions on the MasterCard network, the HomeSend JV will provide consumers flexibility for sending or receiving funds and enable cross border remittance payments worldwide.Says MasterCard will own a controlling share of the HomeSend JV. 

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-0.06 -10.91%
11:08pm EST