MasterCard with eServGlobal and BICS have come together to expand the HomeSend remittance platform.
HomeSend was originally launched in 2008 as a result of a partnership between eServGlobal and BICS. It is a mobile money transferring system and it’s platform was the first to offer global remittance money transfers, and is available in 50 countries. HomeSend is under contract with numerous mobile network and money transfer operators around the world. These operators represent over 1.2 billion subscribers worldwide.
The joint venture with MasterCard will link those mobile network and money transfer operators to over 24,000 financial institutions on the MasterCard network. Connecting those operators to MasterCard’s network will create new options and flexibility for transferring and receiving money, and will allow for global remittance transfers. According to World Bank estimates, remittance transfers will account for $515 billion by 2015.
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“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. 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.” stated Ed McLaughlin, Chief Emerging Payments Officer at MasterCard.
As a result of the joint venture MasterCard will own the controlling share in HomeSend.