OneFor partners with Moorwand to launch a new remittance service
By Joy Dumasia
Moorwand, a BIN sponsor and issuer that transforms compliance into an enabler of innovation, has been selected by OneFor, a digital wallet and money transfer and payments solution for the remittance market. Moorwand provides issuing and digital banking services that powers OneFor’s offering, aiming to improve the simplicity, accessibility, and affordability of remittances for consumers.
OneFor allows consumers to send funds to individuals inside and outside of the EU through digital wallet and debit card offers. Customers in the EU gain access to a mobile wallet app connected to an IBAN account and companion debit card. Customers (as the primary account owner) can easily set up, provide and manage companion cards for friends and family outside of the EU using the app.
Moorwand’s Digital Banking offering allows OneFor customers to send money using SEPA. By utilising Moorwand’s services, OneFor dramatically reduced the time and complexity of launching the service. Moorwand is issuing the debit card, acting as BIN Sponsor to access the Mastercard network so the card can be easily topped up using various payment methods. And BIN Sponsorship ensures OneFor is fully compliant with the EEA and meets the necessary regulations.
Luc Gueriane, Chief Commercial Officer at Moorwand, said: “Moorwand mission is to help the most innovative FinTech companies deliver a more diverse and competitive set of products to consumers and businesses. OneFor’s offering is massive step towards democratising remittance services and makes it easier to provide access for unbanked nationals. Through our expertise and suite of issuing and digital banking services, we’ve helped OneFor launch this service ahead of the competition.”
IBS Intelligence recently reported that Moorwand, a payments solution provider, revealed that issuing tops the list of FinTechs outsource services, with mobile wallets and customer communications coming second and third, respectively.
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