eServGlobal Limited HomeSend progress in the banking market (3345S)

TIDMESG

RNS Number : 3345S

eServGlobal Limited

02 October 2017

eServGlobal Limited (eServGlobal or the "Company")

HomeSend progress in the banking market

Paris: 2 October 2017

eServGlobal (LSE: ESG.L & ASX: ESV.AX), the provider of innovative mobile financial technology, provides an update on the progress of HomeSend, its joint venture with Mastercard and BICS. eServGlobal has been informed by HomeSend that Mastercard Send has recently secured additional bank agreements with Standard Chartered Bank and Atlas Mara to provide cross-border payment services.

In the past year, approximately ten agreements have been made with banks for cross-border payments where HomeSend will be the transaction carrying platform as part of Mastercard Send Cross Border. Annual volumes from currently identified opportunities against these agreements are expected by eServGlobal to be in the region of US$3-5 billion in the medium term. Planned or expected use cases include B2B (Business to Business), P2P (Person to Person) remittances, and intrabank transfer.

Standard Chartered Bank is a leading international banking group with operations in some of the world's fastest growing markets. Atlas Mara Limited is a rapidly growing sub-Saharan African financial services group listed on the London Stock Exchange.

Other recent HomeSend developments include the successful launch of live transactions to bank accounts in China. This represents completion of a considerable capability that is very desirable for existing and potential clients given the size and growth of the Chinese market. HomeSend now reaches over 137 end points across 100+ countries and can reach 3 billion bank accounts around the world.

John Conoley, eServGlobal Executive Chairman and HomeSend Board Member, commented, "These agreements demonstrate two key elements of HomeSend's capability; that HomeSend works with banks to revolutionise cross-border payments, and that it is used both for B2B payments in addition to its originally demonstrated success in the P2P space. It shows that HomeSend is moving towards realising the significant opportunity before it".

These wins are in line with HomeSend's strategic plan to expand their target market from mobile-centric cross-border P2P remittance, to the wider global payments space, including the US$22 trillion/year global international payment flows market, which encompasses B2B and B2C (Business to Consumer) payments.

Mastercard recently updated its investor community, highlighting HomeSend's strategic positioning within it's cross-border strategy. The Mastercard investor presentation and accompanying audio recording can be found at:

http://investor.mastercard.com/investor-relations/events-and-presentations/event-details/2017/September-Mastercard-Investment-Community-Meeting/default.aspx

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

The HomeSend global payment hub is a joint venture of Mastercard (55%), eServGlobal (35%) and BICS (10%).

About eServGlobal

eServGlobal (AIM:ESG, ASX:ESV) offers mobile money solutions which put feature-rich services at the fingertips of users worldwide, covering the full spectrum of mobile financial services, mobile wallet, mobile commerce, recharge, promotions and agent management.

For more than 30 years, eServGlobal has been a source of innovation for telcos and financial institutions. Using carrier-grade, next-generation technology, eServGlobal aligns with the requirements of customers around the globe.

Together with MasterCard and BICS, eServGlobal is a joint venture partner of the HomeSend global payment hub, enabling cross-border money transfer between mobile wallets, cards, bank accounts or cash outlets from anywhere in the world.

For further information, please contact:

 
 eServGlobal                                  www.eservglobal.com 
 Tom Rowe, Company Secretary                  [e-mail] 
  Alison Cheek, VP Corporate Communications 
 finnCap Limited (Nomad and Broker)           www.finnCap.com 
  Jonny Franklin-Adams / Anthony               T: [phone] 
  Adams / Hannah Boros                         0500 
 Alma PR (Financial Public Relations)         www.almapr.co.uk 
  Hilary Buchanan / John Coles                 T: [phone] 
                                               4218 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 02, 2017 02:00 ET (06:00 GMT)