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OneFor selectss Moorwand for launch of new European-wide remittance service

Source: Moorwand

Moorwand, a BIN sponsor and issuer that transforms compliance into an enabler of innovation, has been selected by OneFor, a digital wallet and money transfer and payments solution for the remittance market.

Moorwand is providing issuing and digital banking services that powers OneFor’s offering which aims to improve the simplicity, accessibility, and affordability of remittances for consumers.

The number of unbanked individuals is as high as 35% in some parts of Europe (McKinsey, 2019), with a significant portion of these individuals coming from diaspora communities who reside outside of their home nation. For these individuals, it can be difficult to open a traditional bank account due to KYC requirements, financial literacy, and even a fear of banks. This means that consumers need to send money using wire transfers and other methods which are often complex and expensive. The cost of remittances can be as much as 6.67% of the total value of funds to be transferred.

OneFor allows consumers in EU to send funds to individuals inside and outside of the EU through a digital wallet and debit card offering. Customers in the EU gain access to a mobile wallet app connected to an IBAN account and companion debit card. Customers (as the primary account owner) can easily setup, provide and manage companion cards for friends and family members outside of the EU using the app. All the companion card holders have an account linked to the IBAN of the primary account holder, allowing them to easily receive money from the primary user. OneFor does not charge a monthly account or card fee, and its bank and international transfers fees are highly competitive.

“Despite the rapid rise of digital banking innovations, diaspora communities are still largely underserved by fintech products,” said Marco Abele, Co-CEO at OneFor. “OneFor’s card and app help to bridge the gap for these often-unbanked communities by offering them a simple, accessible and affordable way to send money and connect with their friends and family overseas. With support from Moorwand, we have been able to rapidly develop and launch a pioneering service that meets the specific needs of diaspora communities.”

By utilising a range Moorwand’s services, OneFor dramatically reduced the time and complexity of launching the service. Moorwand is issuing the debit card, acting as BIN Sponsor to access Mastercard network, so the card to be easily topped up using a range of payment methods. Moorwand’s Digital Banking offering allows OneFor customers to send money using SEPA. And BIN Sponsorship ensures OneFor is fully compliant in the EEA and meets the necessary regulations.

“Moorwand mission is to help the most innovative fintech companies deliver a more diverse and competitive set of products to consumers and businesses,” said Luc Gueriane, Chief Commercial Officer at Moorwand. “OneFor’s offering is massive step towards democratising remittance services and makes it easier to provide access for unbanked nationals. Through our expertise and suite of issuing and digital banking services, we’ve helped OneFor launch this service ahead of the competition.”

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