TransferTo has rolled out a new mobile money hub at Finovate Fall in New York that allows mobile operators and financial institutions to provide real-time money transfers to mobile money accounts.
With this service, consumers can transfer funds in real time to mobile money accounts in Africa, Asia and Latin America.
The hub acts as a dedicated, scalable and fully compliant platform for financial institutions and mobile operators to connect to millions of mobile money accounts globally with a single connection.
The mobile money hub is regulated in the UK and fully in line with US and EU regulations rule
The company said the user’s mobile phone number becomes a bank account number, which can be used to make and receive payments quickly, easily and securely through mobile money transactions in real time.
TransferTo CEO Eric Barbier said: "With the launch of our Mobile Money Remittance hub, we’re answering a very real need in developing countries for mobile money remittance services. Giving consumers more control over how, when, and where they access funds is a critical step towards greater financial inclusion worldwide."
TransferTo has partnerships with OVER 400 mobile operators, including Vodafone, Airtel, Telefonica and MTN, and over 100 financial institutions, including PayPal, Western Union, WorldRemit and Xoom.
TransferTo is expected to reach over 50 million transactions globally by the end of 2015.