PARIS, April 3, 2014 /PRNewswire/ --
MasterCard, eServGlobal and BICS
announce closing of the HomeSend joint venture and the
appointment of the CEO and Board of Directors
MasterCard (NYSE: MA), eServGlobal (LSE: ESG.L, ASX:
ESV.AX) and BICS today announced the successful closing of the
previously announced joint venture, HomeSend.
(Logo:
http://photos.prnewswire.com/prnh/20140403/679303 )
HomeSend, an international money transfer hub, will provide an
important link between developed and financially underserved
emerging markets, particularly for foreign workers in need of an
instantaneous and cost-effective solution for funds transfer. The
World Bank estimates that the world's 232 million international
migrants are expect to remit over US$700
billion annually by 2016.
The company will be led by MasterCard payment solutions expert,
Stephen Doyle. Prior to this
role, Stephen served as a Vice President within the Emerging
Payments group at MasterCard. In this role, he was
responsible for the European go-to-market strategy, planning and
deployment of products powered by the MasterCard inControl service,
including applications across the company's Commercial, Consumer,
Debit and Credit businesses. Previously he was Chief Financial
Officer for Orbiscom, a payments technology company acquired by
MasterCard in 2008.
Stephen Doyle, CEO of
HomeSend, said, "I am honored to assume the role of CEO at this
exciting time for HomeSend. The joint venture offers a
perfect vehicle to expand the reach and range of HomeSend's money
transfer services globally. The HomeSend joint venture can
increase people's freedom to send and receive money in a way that's
easy and convenient and will bring our customers a level of
interoperability and connectivity that's unique in the remittance
industry."
HomeSend's operations will be overseen by a Board comprised of
six members, bringing extensive experience from across the telco,
payments and financial domains.
- Max Chion, Group
Executive, Emerging Payments Products, MasterCard
- Bella Stavchansky,
Division President, High Growth European Markets Region,
MasterCard
- Max Mamondez, Regional Finance Officer, Europe, MasterCard
- Paolo Montessori, CEO and Managing Director,
eServGlobal
- Stephen Blundell, CFO and
Finance Director, eServGlobal
- Frédéric Salmon, Vice-President, Strategic Projects,
BICS
HomeSend, which was first launched in 2008 as a strategic
partnership by JV members BICS and eServGlobal, has live
deployments in 50 countries and commercial contracts with mobile
network operators (MNOs) and money transfer operators (MTOs) that
represent more than 1.2 billion subscribers - the equivalent of one
in seven of the world's population - and 200,000 cash agents
respectively. This community will be connected to the more than
24,000 financial institutions on the MasterCard network, creating
one of the most extensive cross-border money transfer networks in
the world and providing new levels of flexibility and choice to
consumers in both developed and emerging markets.
Following today's announcement, HomeSend is now operating as an
independent entity, with the full support of the three
partners.