MasterCard, Russian Standard Bank Strike MoneySend Deal

Russian Standard Bank has become the first European bank to offer person-to-person funds transfers through MasterCard Worldwide’s MoneySend platform, the companies announced Dec. 6.

Russian Standard customers who have MasterCard- and Maestro-branded payment cards may send funds directly to other holders of such cards at the bank or to those with MasterCard accounts at other banks in Russia.

The initiative represents the first MasterCard-based person-to-person remittance service in Russia, according to the card brand.

The MoneySend service is available through the bank’s network of more than 2,500 ATMs and through the bank’s Internet and mobile-banking service. Senders must know the recipient’s MasterCard number, and funds transfers are limited to15,000 rubles (US$488 or 368 euros) for ATM transactions and to 5,000 rubles for online and mobile transactions.

“We’ve already seen our MoneySend platform leveraged in both the U.S.A. and our Asian-Pacific region, but I am particularly delighted that today, with our partners from the Russia Standard Bank, we can mark the first European implementation of our MoneySend platform,” Ilya Riaby, MasterCard general manager for Russia, said in a statement.

Russian Standard Bank is the largest bankcard issuer in Russia, according to Kamal Boushi, the institution’s executive director of acquiring and strategic initiatives. It has more than 25 million bankcards on issue and has a presence in more then 1,800 cities across Russia.

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