OneFor selects BPC for its new European-wide remittance service
By Joy Dumasia
BPC has been selected by OneFor, a new pan-European FinTech, to help it revolutionise the remittance and payment industries for workers on the move. With its headquarters located in Germany and a presence in many other EU countries, OneFor’s provides financial services to remote workers across the European continent. Its immediate focus is on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy, and Spain, connecting customers to the first receiving countries in North Africa, South-East Europe, and Latin America.
As part of its mission to humanise finance, connect people, and foster financial inclusion, one of OneFor’s unique features is its ’emotional’ interface, enabling users to chat with and send ‘polaroids’ and ‘gifts’ to their connections near and far.
OneFor allows consumers in the EU to send funds to individuals inside and outside of the EU through a digital wallet and debit card offering. 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 setup, provide, and manage companion cards for family members outside of the EU using the app. All the companion cardholders have an account linked to the IBAN of the primary account holder, allowing them to easily receive money from the primary user. OneFor does not charge a monthly account or card fee, and its bank and international transfer fees are highly competitive.
OneFor’s card is supported by Mastercard International, while BPC is providing Mastercard issuing, virtual and physical cards with security options such as geoblocking, APIs plug and play, and the autonomy to issue cards at convenience.
BPC’s Chief Strategy Officer, Jane Loginova, said: “Transaction speed is an essential element of next-generation payment services, but we know that this must be delivered alongside top levels of online safety and security. We share OneFor’s mission of financial inclusion, to help the unbanked and underserved to access a simple and cost-effective service that meets their needs.”
OneFor Co-CEO Ilir Aliu commented: “Despite the rapid rise of digital banking innovations, diaspora communities are still largely underserved by FinTech products. We believe that OneFor can help to bridge the gap for these communities by offering them a simple, accessible, and affordable money app and a way to send money and connect with their family in or outside EU. Therefore, we’re thrilled to be partnering with BPC to create a quick, affordable, and secure experience, which we know is crucial for our customers as they go about their day-to-day lives.”
According to Eurostat, about 55% of personal remittances in 2019 were sent within the EU Member States. IFAD reported that Europe makes up almost 10 percent of the world’s population, hosts 20 percent of all migrant workers (50 million), and originates 25 percent of global remittance flows. With less than a one-second transaction time and up to 70% lower average transaction cost, OneFor is now available in the UK and all EU countries. BPC uses Oracle Cloud Infrastructure to enable unique data processing, data transfer capabilities, and flexible resource provisioning to optimise costs.
Michael Kogeler, VP EMEA, High Potential Industries, further commented: “Technology has the power to help people in need. Bridging digital and physical remittance streams fulfils an urgent need to connect with friends, families, employers, and banks from all different environments. Because this relies on personal, immediate, and safe connections, our work with Radar Payments provides the opportunity for secure and reliable technology to improve the digital customer experience for people on the move.”
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