20th June 2003
Magex Ltd., the leading European provider of Person-to-Person
and Person-to-Merchant Internet and mobile payment
services today announced that MasterCard International has
selected Magex's
Managed Payments
Platform as
its chosen technology for its new European cross-border P2P
payments service to be known as
MasterCard
MoneySend™.
The new MasterCard service will be launched throughout Europe
over the coming months and a number of MasterCard's
member banks have already elected to take part including
CartaSi, (Italy), Euro Kartensysteme (Germany) and The Royal
Bank of Scotland Group. The MasterCard MoneySend™ service
enables any eligible MasterCard credit card or Maestro debit
card cardholder to send funds directly from their card to
any other MasterCard or Maestro cardholder.
One of the key features of the service is that cardholders
can now use their card to make cross-border payments via
both web and mobile channels.
We are delighted to
have been chosen as MasterCard's technology provider
for MasterCard MoneySend™, said Michael Keegan, COO
at Magex.
This is a key milestone for Magex and we
are looking forward to the opportunity to work with MasterCard
and its member banks to deliver a first-class cross-border
payments service for the European market.
Commenting on launch of the service, Brian Morris, head of E-Business, Europe,
MasterCard International said
We chose Magex because of their experience
in the European P2P market and because we believe their technology platform and
white label services offer the best functionality for those member banks interested
in launching this product.
About the European Cross-Border Market
In December 2001, the European Parliament and the Council of the European Union
adopted the Regulation on cross-border payments in euro - EC Regulation 2560/2001
on cross-border payments in Euro (2560/2001). The main objective of the Regulation
is protect consumers while making bank payments from a bank in one Member State
to another Member State or while withdrawing money from an ATM in another Member
State by obliging banks to charge equally for cross -border and domestic transactions
when making a payment of up to €12,500 within the Euro zone up to January
2006 (and up to €50,000 after that date)
