16 December 2017
visit www.avoka.com

Belgian and Icelandic card processors join MasterCard MoneySend

01 April 2004  |  5445 views  |  0 ATM

Bank Card Company (BCC) in Belgium and Spron in Iceland have joined the UK's Royal Bank of Scotland and CartaSi of Italy in testing MasterCard's new person-to-person money transfer system MoneySend.

MasterCard says the first cross-border MoneySend transactions - between Royal Bank of Scotland and Banca Popolari di MIlano - were successfully authorised and cleared in a trial run in January 2004.

Olivier Denis, product manager, MasterCard Europe, says: "Cardholders whose banks are providing this service can send money to any other MasterCard or Maestro cardholder no matter where they are in the world."

Cardholders transfer money by tapping in a password and authorising the transaction at their bank Web site or via SMS messaging from their mobile phone. The recipient can be identified by an e-mail address, a mobile phone or MasterCard card number or Maestro PAN (personal account number). The MasterCard MoneySend platform translates the recipient's email or mobile phone number into an associated PAN and then routes the transaction over the MasterCard network. The recipient then receives an email or SMS message notifying them that the money has arrived.

Speaking on behalf of Spron, executive vice president and head of sales and marketing, Kristjan Hardarson, says: "As Europe sets a new pace for borderless payments, more consumer-friendly methods to secure personal money transfers have to be found. The MasterCard MoneySend approach is the right fit and we’re looking forward to making the service work for our customers."

Seperately, MasterCard has announced the introduction of a new 'Sepa Licence' (Single European Payments Area). Effective as of 1 May, to mark the entry of the ten accession countries into the European Union, and covering 28 countries in total, it will enable member banks to apply for an overall card licensing programme across the Union rather than the current one country=one license approach.
KeywordsSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Yahoo! uses stored value cards to take P2P payments global

Yahoo! uses stored value cards to take P2P payments global

15 December 2003  |  5633 views  |  0 comments
CartaSi joins Visa Direct P2P system

CartaSi joins Visa Direct P2P system

01 July 2003  |  6171 views  |  0 comments
MasterCard to introduce MoneySend P2P payments in Europe

MasterCard to introduce MoneySend P2P payments in Europe

20 June 2003  |  37716 views  |  0 comments
Swedish and Spanish banks sign up for Visa P2P system

Swedish and Spanish banks sign up for Visa P2P system

15 November 2002  |  7544 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.niceactimize.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10354 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9790 views comments | 17 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7045 views comments | 19 tweets | 20 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6444 views 0 | 4 tweets | 2 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
6104 views comments | 5 tweets | 26 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job