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.”