eServGlobal's Homesend Secures Bank Deals With Atlas Mara, StanChart
eServGlobal Ltd on Monday said its partner Mastercard has recently secured additional bank agreements with Standard Chartered Bank and Atlas Mara to provide cross-border payment services related to the Homesend joint venture.
eServGlobal said it has been informed by Homesend of the bank agreements secured by Mastercard Send. Homesend is a joint venture between the London-listed company, Mastercard and BICS, and enables cross-border transfer between mobile money accounts, payment cards, bank accounts or cash outlets.
eServGlobal owns 35% alongside Mastercard's 55% and a BICS holding of 10%.
In the past year, approximately ten agreements have been made with banks for cross-border payments where HomeSend will be the transaction carrying platform as part of Mastercard Send Cross Border, eServGlobal said.
"Annual volumes from currently identified opportunities against these agreements are expected by eServGlobal to be in the region of USD3 to USD5 billion in the medium term. Planned or expected use cases include B2B, P2P (Person to Person) remittances, and intrabank transfer," said eServGlobal.
The agreements have been secured from Standard Chartered Bank PLC, the FTSE 100 bank focused on emerging markets, and London-listed, Africa-focused banking group Atlas Mara Ltd.
"These agreements demonstrate two key elements of HomeSend's capability; that HomeSend works with banks to revolutionise cross-border payments, and that it is used both for B2B payments in addition to its originally demonstrated success in the P2P space. It shows that HomeSend is moving towards realising the significant opportunity before it," said eServGlobal Executive Chairman and Homesend board member John Conoley.
eServGlobal said other recent HomeSend developments include the successful launch of live transactions to bank accounts in China.
"This represents completion of a considerable capability that is very desirable for existing and potential clients given the size and growth of the Chinese market. HomeSend now reaches over 137 end points across 100+ countries and can reach 3 billion bank accounts around the world," said the company.
eServGlobal shares were up 15% on Monday at 8.95 pence.