OneFor Teams Up with Moorwand to Introduce New Remittance Service

Moorwand, a BIN sponsor and issuer that aims to transform compliance into an “enabler of innovation,” has been chosen by OneFor, a digital wallet and money transfer and payments service for the remittance market.

Moorwand is offering issuing, acquiring and digital banking solutions that will be supporting OneFor’s product offering which aims “to improve the simplicity, accessibility, and affordability of remittances for consumers.”

The announcement also mentioned that the number of unbanked individuals is “as high as 35% in some parts of Europe (McKinsey, 2019), with a significant portion of these individuals coming from diaspora communities who reside outside of their home nation.”

For these consumers, it may be challenging to open a traditional bank account because of Know-Your-Customer (KYC) checks, financial literacy, and even “a fear of banks” in some cases. This means that consumers “need to send money using wire transfers and other methods which are often complex and expensive.” The “cost of remittances can be as much as 6.67% of the total value of funds to be transferred,” according to a release.

As noted in the update, OneFor allows consumers in the European Union to send money to individuals “inside and outside of the EU through a digital wallet and debit card offering.”

Clients residing 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 friends and family members outside of the EU using the app,” the announcement noted.

All the companion card holders have an account that is connected to the IBAN of the main account holder, enabling them to seamlessly receive funds from the primary user. OneFor does “not charge a monthly account or card fee, and its bank and international transfers fees are highly competitive,” the announcement clarified.

“Despite the rapid rise of digital banking innovations, diaspora communities are still largely underserved by fintech products,” stated Marco Abele, Co-CEO at OneFor.

Marco added:

“OneFor’s card and app help to bridge the gap for these often-unbanked communities by offering them a simple, accessible and affordable way to send money and connect with their friends and family overseas. With support from Moorwand, we have been able to rapidly develop and launch a pioneering service that meets the specific needs of diaspora communities.”

By using a range Moorwand’s services, OneFor reduced the time and overall complexity of introducing the service.

Moorwand is issuing the debit card, “acting as BIN Sponsor to access Mastercard network, and providing acquiring services so the card to be easily topped up using a range of payment methods.”

Moorwand’s virtual banking product offering allows OneFor clients to send funds using SEPA. And BIN Sponsorship ensures OneFor is “fully compliant in the EEA and meets the necessary regulations.”

“Moorwand mission is to help the most innovative fintech companies deliver a more diverse and competitive set of products to consumers and businesses,” noted Luc Gueriane, Chief Commercial Officer at Moorwand.

Luc added:

“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, acquiring and digital banking services, we’ve helped OneFor launch this service ahead of the competition.”

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