EastNets, a leading global provider of compliance and payments solutions and services, has announced that it has recently signed a partnership with BICS, a leading global provider of Voice, Messaging, Roaming, Connectivity and Mobile Financial Services, to connect its newly launched mobile remittance solution known as en.MoRe to BICS' HomeSend solution.
The partnership between EastNets and BICS creates a new mobile remittance solution, scheduled to go live this month, enabling consumers to simply use their mobile phone to trigger a money transfer transaction in an easier, more cost-effective and more convenient way compared with traditional remittance approaches.
"EastNets en.MoRe solution delivers great value to our HomeSend customers who can already send mobile to mobile transactions,â said Frederic Schepens, Senior Vice President, BICS. âWith this partnership we essentially bring a mobile hub together with a bank hub to create a unique solution that allows our HomeSend customers to transfer money from their electronic wallet to a bank where it can be collected as cash. We are excited about this relationship because together we offer a solution that is very scalable and can build market share very quickly.â
"EastNets' partnership with BICS is a key step in line with our goal to establish a strong presence in the growing remittances market. We are likewise confident that en.MoRe will allow BICS to expand its own market base by acquiring new customers who want to utilise the mobile remittance solution," said Hazem Mulhim, CEO of EastNets.
This partnership will help mobile network operators and banks to target the estimated 200 million migrant workers around the globe who send money to friends and families on a regular basis. EastNets and BICS have plans to expand the market coverage in the coming months, starting with a many-to-many network between mobile network operators in 10 sending countries and banks in 15 receiving countries. The service will be offered in key markets such as Pakistan, India, the Philippines and the Middle East.
en.MoRe is a technology platform and payment scheme to enable banks to interoperate globally. It allows banks to connect to a single hub that is already linked via SWIFT to more than 8,000 banks worldwide. EastNets is currently in the process of obtaining certification for the SWIFTReady Workersâ Remittance Label with its en.MoRe solution. EastNets can also offer electronic wallet services and solutions that comply with anti-money laundering regulations to simplify implementation.
The HomeSend solution on the other hand is a global hub service that allows any mobile operator in any country to access and benefit from the international remittance market. Powered by eServGlobal and operated by BICS, it enables cross border person-to-person money transfers, airtime exchange and roaming recharge.