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Leap Financial and Mastercard join forces

Wednesday 22 May 2024 14:35 CET | News

Leap Financial, a company at the intersection of financial technology, artificial and cultural intelligence, has partnered with Mastercard to launch an Integrated Remittances service. 

 

According to the official announcement, this comprehensive white-label solution enables financial and non-financial entities to add a ‘request remittance’ button to their services. This feature taps into remittance flows from the United States to Latin American and Caribbean countries, capitalising on a USD 155 billion market.  

Moreover, the partnership aims to transform the remittance landscape by leveraging digital solutions to make transactions more accessible and affordable, enhancing financial inclusion.

Leap Financial, a company at the intersection of financial technology, artificial and cultural intelligence, has partnered with Mastercard to launch an Integrated Remittances service.

Leap Financial and Mastercard are driving the digitisation of remittances, offering convenience to both senders and recipients. Leap Financial allows customers to initiate remittances from the point of sending, providing a scalable, flexible solution that adapts to the cultural custom of cash deposits. The announcement continues to explain that this is done through a network of 85,000 US retail locations, including pharmacies, supermarkets, and convenience stores, all equipped with technology for safety and regulatory compliance.  

Mastercard ensures reliable and secure access to funds for beneficiaries, leveraging its global payment network. Under this partnership, the two entities aim to streamline the remittance process, providing essential services tailored to diverse communities. 

Enhancing accessibility and affordability in remittances 

The partnership introduces LOLA, an AI-based virtual agent that facilitates remittances through voice and text commands on popular messaging platforms like WhatsApp. This use of AI makes remittances more inclusive and accessible, especially for populations less familiar with traditional banking systems. LOLA can also provide financial education upon request. Leveraging Mastercard's global network, this integrated solution offers white-label models tailored to banks, fintechs, merchants, telcos, and payment agents, ensuring broad industry coverage and inclusive reach.  

To accelerate the digitisation of international remittances to Mexico, Leap Financial has partnered with Arcus by Mastercard. This collaboration leverages Arcus' role as a direct participant in the Mexican Interbank Electronic Payment System (SPEI), allowing instant disbursement of funds to any bank account, wallet, credit, or debit card 24/7. This partnership seeks to reduce remittance costs, making it more affordable for millions to send money home, thus contributing to the economic well-being of communities across Mexico. 

Leap Financial's Integrated Remittances ecosystem, enhanced by its collaboration with Mastercard, includes over a dozen partners such as retailers, fintech companies, payment processors, and banks. Key features are: 

  • End-to-End Customer Visibility: Latin American partners gain insight into funding sources and accurate reporting for local authorities. 

  • Borderless Digital Money Flow: US remittances are funded via cards, digital wallets, or cash at over 85,000 retail stores, instantly sent to recipients' bank accounts or wallets. 

  • 360° KYC + AML: rapid customer identity verification using advanced AML and anti-fraud tools. 

  • Revenue Sharing Model: affiliates can define margins, enhancing profitability. 

  • Low Startup Cost: easy integration and reduced operational complexity for businesses. 


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Keywords: remittances, transactions , financial services, financial inclusion, digitalisation
Categories: Payments & Commerce
Companies: Mastercard
Countries: Latin America, United States
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Mastercard

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