Digital Wallet OneFor Taps Moorwand to Launch European Remittance Service

OneFor, a digital wallet and money transfer and payments solution for the remittance market, has formed a partnership with the London-based payments solutions provider Moorwand to launch  remittance service in Europe.

Through the partnership, Moorwand is providing issuing, acquiring and digital banking services to power OneFor’s offering which aims to improve the simplicity, accessibility, and affordability of remittances for European consumers.  

According to the official press release, consumers in EU are able to send funds to individuals inside and outside of the EU through a digital wallet and debit card offering. They gain access to a mobile wallet app connected to an IBAN account and companion debit card. Also, 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. All the companion card holders 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 transfers fees are highly competitive.

By utilising a range of 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 Mastercard network, and providing acquiring services so the card to be easily topped up using a range of payment methods. Moorwand’s Digital Banking offering allows OneFor customers to send money using SEPA. And BIN Sponsorship ensures OneFor is fully compliant in the EEA and meets the necessary regulations. 

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