Global remittance hub HomeSend has announced an agreement with Geoswift to provide streamlined, efficient payment services into China. Through the partnership with Geoswift, HomeSend's global partners can now provide their customers with the ability to send money directly to consumers and businesses in China, in local currency.
Geoswift, a payment technology company, has a broad network of partners and direct merchants, both within China and worldwide, who rely on Geoswift for a one-stop cross-border payment solution into and out of China.
As a global remittance hub, Geoswift is a service that bridges the gap between various entities globally such as financial institutions, non-financial entities and mobile network operators.
China is the second-largest payment receiving country in the world. The World Bank estimates that in 2014 more than US$64 billion was sent home to China by migrants living outside the country.
Geoswift's coverage in China will enable HomeSend clients and hub members to easily send funds to China, with transactions settled to cards as well as bank accounts in Mainland China.
HomeSend is a joint venture created by MasterCard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection.
By interconnecting a wide range of payment services, HomeSend allows consumers to transfer funds directly using a mobile money account, payment card, bank account or cash at participating locations. Money can be sent from anywhere in the world by HomeSend's partners.