MasterCard Makes Sending and Receiving Money Faster, Easier and More Secure with MasterCard Send
May 19 2015 - 9:00AM
Business Wire
Now live in the United States, service
enables a variety of new payment options to consumers including
domestic and cross-border person-to-person payments, business and
government disbursements
Berkshire Hathaway Travel Protection and
FreeShipping.com to use MasterCard Send to power their
disbursements services
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MasterCard today launched MasterCard Send™ – a first-of-its-kind
personal payments service that enables funds to be sent quickly and
securely to consumers domestically and internationally. Through a
single connection to the MasterCard Send platform, businesses,
merchants, governments, non-profits, issuers and other senders can
send money to consumers whether they are banked or unbanked, and
located domestically or abroad. By digitizing personal payments
that are typically handled via cash or check, MasterCard is
providing greater convenience, choice and security to both payment
senders and receivers in developed and developing markets.
MasterCard Send is breaking down barriers by delivering
immediate and secure payments transactions to consumers, who can
easily receive funds in real-time – anytime, anywhere and through
any channel, based on their personal preferences. This includes the
receipt of funds on MasterCard and non-MasterCard cards, into
mobile money and bank accounts, and via cash agent outlets.
Now live in the U.S., MasterCard Send is designed to align with
the needs outlined in the Federal Reserve’s initiative focused on
enhancing the speed, security and efficiency of the U.S. Payments
System. This unique platform will enable disbursements and
person-to-person (P2P) payments to and from virtually any U.S.
debit card account, including non-MasterCard debit cards.
MasterCard Send is the only personal payments service that can
reach virtually all U.S. debit card accounts and enable funds to be
sent and received typically within seconds – far superior to
existing solutions that either limit transfers within a closed-loop
network or involve ACH, which can take several days for funds to be
received.
- P2P Payments – With MasterCard
Send, consumers can seamlessly send and receive funds from friends
and family typically within seconds through providers including
issuers, money transfer operators, merchants and more. The service
also provides the capability for cross-border P2P payments reaching
consumers anywhere.
- Disbursements – Insurance
claims, rebates, e-marketplace payouts, social benefits and tax
refunds can now be sent in real-time, which means no more waiting
to access vital funds. Berkshire Hathaway Travel Protection and
FreeShipping.com are among the first to leverage MasterCard Send
for disbursements. Merchants and businesses across a wide array of
industries, as well as government and other non-profit
organizations can also take advantage of the reach, speed and
simplicity of MasterCard Send, while providing a better consumer
experience.
Josh Jandrain, vice president of application development for
Berkshire Hathaway Travel Protection, noted, “From the very
beginning, this has been an easy integration into our claims
processing system and we look forward to bringing this capability
to our customers. We take pride in providing our travelers with the
latest innovations and technologies, and paying claims instantly to
their personal accounts is another example of what makes us
unique.” Berkshire Hathaway Travel Protection recently completed
development, and will go live in the months to come.
“We’re excited about the enhanced service and convenience that
MasterCard Send provides,” said Tom Caporaso, chief executive
officer of FreeShipping.com. “This new payment platform will allow
us to deliver rebates and cash-back payouts quickly and seamlessly
to subscribers who register any debit card account, including
non-MasterCard cards, with FreeShipping.com.”
“Through MasterCard Send, we have enabled a breakthrough
solution that takes the pain out of the system, provides faster
clearing of payments, and delivers a better user experience for
senders and receivers alike,” said Ed McLaughlin, chief emerging
payments officer, MasterCard. “MasterCard Send is addressing a real
need that exists in today’s digital world to enable consumers,
businesses, governments and more to have a safe, simple and secure
way to transfer and receive funds quickly.”
MasterCard Send is the only end-to-end digital platform that
leverages the industry-leading MasterCard network, paired with key
capabilities from other personal payments platforms including
HomeSend. For more information, go to: www.mastercard.com/send.
MasterCard
MasterCard, www.mastercard.com, is a technology company in
the global payments industry. We operate the world’s fastest
payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. MasterCard’s products and solutions
make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on
Twitter @MasterCardNews, join the discussion on
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version on businesswire.com: http://www.businesswire.com/news/home/20150519005370/en/
Media:MasterCardSarah Ely,
914-249-6714sarah_ely@mastercard.comorBerkshire Hathaway Travel
ProtectionBrad Rutta,
715-295-9030brutta@bhtp.comorFreeShipping.comDavid Wachsman,
646-507-5802david@erichopr.com
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