MoneyGram, (NASDAQ:MGI) a leading global money transfer and payment services company, has signed a global agreement with BICS to connect to HomeSend.
HomeSend, a strategic business partnership between BICS and eServGlobal (LSE:ESG.L & ASX:ESV.AX), is a global technology hub service that enables person-to-person fund transfers.
Through the technology of the HomeSend hub, MoneyGram customers in more than 200 countries will be able remit funds to mobile accounts of HomeSend hub members across the globe. MoneyGram has 336,000 agent locations worldwide and also offers money transfer services through kiosks, along with online, mobile, and other channels.
"We're excited about the opportunity to expand our reach to mobile money accounts across the world," says Alex Hoffmann, executive vice president of Global Product and Emerging Channels at MoneyGram. "This agreement accelerates the expansion of our innovative and convenient self-service money transfer channels."
The agreement will enable MoneyGram customers and agents to further connect to HomeSend's substantial network, which includes some of the largest tier one mobile operator groups.
"We are very happy to conclude this agreement with MoneyGram, welcoming another global player to the HomeSend remittance hub," said Daniel Kurgan, CEO of BICS. "The combination of the MoneyGram footprint with our existing remittance deployments will undoubtedly benefit all our hub members while enabling their own customers to receive funds from a wider sending basis."
"This agreement with MoneyGram validates the power of the unique receiving network HomeSend has established," said Paolo Montessori, CEO and Managing Director, eServGlobal. "HomeSend is opening access to a previously inaccessible receiving market by connecting to users in even the most remote areas where mobile access is the most convenient way to deliver remittances directly to a mobile wallet even when originating from traditional money transfer channels."
Today HomeSend has live deployments in more than 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs).
As announced in December 2013, HomeSend will become a joint venture of MasterCard, eServGlobal and BICS, subject to the completion of the transaction.