19 February 2018
Visit www.avoka.com

HomeSend and Ericsson partner on overseas remittances

27 September 2016  |  3860 views  |  0 Source: MasterCard

HomeSend and Ericsson (NASDAQ:ERIC) today announced a strategic partnership to simplify and accelerate the adoption of international remittances via mobile across emerging markets.

With access to HomeSend’s growing network of money transfer operators (MTOs), cash agents and banks in over 200 countries, 50 million Ericsson-powered mobile wallet users will benefit from easier and faster international payment services.

The Ericsson Wallet Platform is now certified by HomeSend, a joint venture between Mastercard, eServGlobal and BICS that is changing the way money moves around the world by bridging the gap between financial institutions, non-financial entities and mobile network operators. The HomeSend-Ericsson partnership will give financial service providers a low-cost, simple and fast way to connect the HomeSend global money transfer hub with Ericsson’s mobile money offering around the world. With this, mobile money users can now enjoy new levels of flexibility, choice and value.

Ericsson’s Mobile Financial Services solutions now also include Ericsson interconnect, the company’s cloud-based financial transactions switching and mediation service, which aims to extend reach to Financial Services providers using any wallet or mobile banking platform.

“The partnership represents HomeSend’s continuing commitment to displace cash and facilitate electronic payments, advancing financial inclusion in the new global economy,” said Stephen Doyle, CEO, HomeSend. “Millions of new unbanked consumers will gain improved access to digital inflows from friends and relatives, as we continue to advance toward a fully open ecosystem for global mobile money remittances.”

In 2016, the World Bank expects remittances to reach over $600 billion, with more than $440 billion being sent to developing countries. Being able to reliably, safely and conveniently send and receive money across borders are basic requirements for financial inclusion. The partnership bridges the gap between finance and telecommunication service providers, enabling mobile wallet users to send and receive money from their family abroad through their mobile phones and enables financial institutions to offer their customers the convenience of digital money transfers - regardless of their location or that of the recipient.

“By enabling fast, secure integrations to HomeSend’s remittance hub, we are providing growth opportunities for our customers,” said Peter Heuman, head of Ericsson Mobile Financial Services. “Integration with the HomeSend Hub connects Ericsson mobile wallet powered financial service providers, and potentially other financial service providers, to a global network of financial institutions and MTOs. This represents a major advance in helping to grow mobile financial services ecosystems whilst supporting financial inclusion.”

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukVisit https://www.capgemini.comVisit http://info.nice.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11471 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9037 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8894 views 10 comments | 22 tweets | 26 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8798 views comments | 15 tweets | 43 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7405 views comments | 12 tweets | 10 linkedin