MasterCard marks first European MoneySend implementation

Source: MasterCard

The Russian Standard Bank has announced today (6 December) that it will be the first European Bank to provide a person-to-person domestic remittance service through the MasterCard MoneySend™ platform.

The programme, launched as part of the bank's RS-Express customer service package, will open up the world of card-to-card payments for its banking customers. Cardholders of the banks' MasterCard® and Maestro® branded card portfolio will be able to send money directly to fellow RSB cardholder customers and other MasterCard and Maestro branded cardholders from other banks in Russia - the first MasterCard person-to-person card-based remittance service in the country. In addition with RSB opening the MoneySend service on its ATMs throughout Russia, the service will also be available to virtually all Russian MasterCard and Maestro cardholders, subject to bank approval of the transaction.

"We've already seen our MoneySend platform leveraged in both the USA and our Asian-Pacific region but I am particularly delighted that today, with our partners from the Russia Standard Bank, we can mark the first European implementation of our MoneySend platform", said Ilya Riaby, General Manager Russia, MasterCard Worldwide.

"To ensure we could meet the specific needs of the Russian market, a totally new funding transaction type was designed, approved and implemented by MasterCard within four months. Such a service will greatly expand opportunities for cardholders in the country, particularly as we look to extend the service from domestic to international transfers between cardholders in Russia and those in other countries".

How MoneySend works

To make a transfer of money from one person to another, the RSB cardholder need only know the number of the MasterCard or Maestro card of the person to whom the money will be sent, with the transfer request made at any one of the RSB ATM's or via the RSB internet and mobile banking platform, providing a 24/7 service. The maximum amount for an ATM transaction is 15,000 rubles and 5,000 rubles for an internet or mobile bank transfer.

Speaking on behalf of the Russian Standard Bank, Kamal Boushi, Executive Director of Acquir of Acquircquiring and Strategic Initiatives said; "As the largest bank card issuer in the country and as a bank seeking to maximize the development of high-tech and convenient services to customers, we are very pleased to be able to offer the MoneySend service. It representsa considerable new and effective service for our customers".

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