HomeSend, a JV between MasterCard, eServGlobal and BICS, has partnered with Geoswift, a provider of two-way cross-border payments with China, to enable safe, secure cross-border money transfer services in China.
The partnership will allow HomeSend’s global partners to provide their customers with the ability to transfer money directly to consumers and businesses in China, in local currency.
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Under the deal, Geoswift will enable HomeSend clients and hub members to send funds to China, with transactions settled to cards as well as bank accounts in Mainland China.
According to World Bank, more than $64bn has been sent home to China by migrants living outside the country in 2014.
Geoswift CEO Raymond Qu said: "Geoswift is committed to helping provide our clients and partners with safe, secure, best-in-class payment solutions for China. We look forward to working closely with HomeSend to extend its innovative cross-border payment services into China."
HomeSend CEO Stephen Doyle said: "The partnership with Geoswift connects HomeSend to the important Chinese receiving market, further reinforcing HomeSend’s position as the backbone of the international money transfer market."
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