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HomeSend is a joint venture created by MasterCard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection. It builds on the successful deployment of mobile enabled person-to-person transfers in emerging markets and the digitalization of money transfer services. The HomeSend service innovatively bridges the gap between finance and telecommunication service providers and enables 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.
HomeSend is currently the only proven multilateral mobile remittance hub that includes both transaction processing and settlement layers. It benefits from a first mover advantage in terms of system features and commercial connectivity, both of which position the hub well ahead of the competition.
HomeSend, which was first launched in 2008 as a strategic partnership by JV members BICS and eServGlobal, 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 – the equivalent of one in seven of the world’s population – and 200,000 cash agents respectively. This community will be connected to the more than 24,000 financial institutions on the MasterCard network, creating one of the most extensive cross-border money transfer networks in the world and providing new levels of flexibility and choice to consumers in both developed and emerging markets.