Delivering instant online authorization to facilitate fast and reliable money transfers
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  • 1. MasterCard® MoneySend ™ Delivering instant online authorization to facilitate fast and reliable money transfers Global remittances are a growing business Seize the remittance opportunity by $2002 and enormous opportunity. enhancing consumer choice. Average remittance value per transaction The flow of funds from migrant and expatriate workers MasterCard MoneySend is a remittance solution that $456 billion1 back to their families is an important source of income allows participating customer financial institutions to Estimated global in many developing economies. In 2007, the World use the global network and card products of remittance opportunity Bank recorded global person-to-person payments at MasterCard to facilitate domestic and cross-border by 2010 USD 318 billion and estimates it to grow to USD 456 remittances via ATM, Internet, branch and phone. billion by 2010.1 Recipients often depend on remittances $18.3 billion1 Using MoneySend, MasterCard and Maestro® Estimated global to cover day-to-day living expenses, support their cardholders can quickly, easily and securely transfer remittance revenues children studying overseas, provide an emergency money to their families and friends in select countries by 2010 cushion or, in some cases, fund small investments. Research tells us consumers are turned off by payment across Asia-Pacific and South Asia. The receiving 200+ million2 delays, limited sending and receiving options, high cardholder can access funds when making a Foreign workers costs and a lack of transparency surrounding fees.2 purchase anywhere MasterCard or Maestro is worldwide accepted or by withdrawing cash at an ATM that 2.5+ billion At MasterCard, we understand there is a significant accepts MasterCard or Maestro. With MasterCard Estimated mobile opportunity to enhance the well-being of families by MoneySend, we enable fast money transfers with phones globally improving the remittance process. With an estimated our instant online authorization process. Money is 10 percent of money transfers made through typically available for the recipient within one to two traditional banking channels,3 we’re introducing business days of the transaction. MasterCard MoneySend, a competitive solution to help financial institutions access new segments, improve 1 World Bank 2007. operational efficiencies and capitalize on the growing 2 The Aite Group, Competing in Money Transfers: Market Overview, March 2007. remittance opportunity. 3 Remittances – Global Opportunities for International Person-to- Person Money Transfers, Manuel Orozco, VRL November 2005.
  • 2. MasterCard MoneySend offers fast, convenient, reliable and safe money transfers. With money transfers on the rise, MasterCard MoneySend provides a competitive solution that addresses many of the deficiencies of current international remittance products. In today’s competitive environment, this innovative remittance solution makes it possible for you and your cardholders to do the following: Issuers Cardholders • Enhance product offerings by delivering a differentiated • Offer convenience through multiple ways to send and value proposition that reflects changing demographics receive money transfers (ATM, Internet, branch and phone) • Access new customer segments • Deliver fast money transfers — transferred funds are deposited directly into the recipient’s account for quick • Improve operational efficiency with straight-through access (typically 24 – 48 hours after transfer initiation) processing of remittance transactions • Provide ease of access to funds anytime at a • Capture incremental revenue streams participating ATM or by making a purchase at a retailer • Offer multiple channels of origination for the sender and with the MasterCard or Maestro card that received the recipient to access your service transferred funds • Support both PIN and signature, where other methods • Ensure transparency to provide a complete support only signature transactions understanding of full costs and fees through the participating financial institutions • Deliver instant online authorization and transfer confirmation to communicate when funds will be • Deliver reliability through confirmed payments that are, available to the recipient guaranteed to reach the recipient • Process transactions individually to provide control and certainty over the completion of the transaction How It Works The diagram below illustrates a typical transaction flow for MasterCard MoneySend. Multiple Channels of Origination Recipient ATM Internet Branch Phone Recipient receives Sender funds — can access Sender initiates a money within 24– 48 hours. transfer transaction via one Account of the channels shown. Funded Originating Receiving Institution Institution MasterCard Access Bank validates funds are Bank validates information and available and debits sender’s account. posts funds to recipient’s account. Capitalize on the remittance opportunity with MasterCard MoneySend. For more information on how you can participate, contact your MasterCard Account Representative today. ©2008 MasterCard