We are focused on what is an improving picture for both eServGlobal and HomeSend. eServGlobal is now debt-free, with the core business benefitting from a much-reduced cost base, which is already showing signs of progress against a refreshed sales approach.
LONDON (Alliance News) - Digital transactions technology company eServGlobal Ltd said Thursday that its joint venture Homesend has partnered with Kuwait's exchange company Al Mulla Exchange.
Under the partnership, Al Mulla Exchange will integrate Homesend's service and offer registered customers an increased range of sending destinations for direct account-to-account international money transfers, including bank accounts in markets including Europe, UK, Canada, Australia, Thailand and China.
Homesend is a joint venture between eServGlobal, telecommunications company BICS and Mastercard, and allows money transfer organisations, banks and mobile money operators to transfer funds to financial organisations quicker and more cost-effectively.
"eServGlobal welcomes this good news for HomeSend which demonstrates its continued reach," eServGlobal said in a statement.
Shares in eServGlobal were up 3.7% at 9.87 pence on Thursday.
eServGlobal Limited (eServGlobal or the "Company")
27 March 2018
HomeSend reaches major commercial and execution milestones
eServGlobal (LSE: ESG.L & ASX: ESV.AX) is pleased to announce that major commercial and execution milestones have been reached by HomeSend, working in conjunction with majority shareholder Mastercard.
Mastercard is not only an investor in the joint venture but is also a key commercial partner for HomeSend. Mastercard offers a service called Mastercard Send for cross-border payments which utilises the reach and capabilities of HomeSend to offer international payment capabilities.
Integration between HomeSend's international payments capability and Mastercard Send has been ongoing for some time. Live transactions have now been successfully passed across these platforms enabling an increased set of use cases for individuals and businesses to remit, pay or disburse funds cross-border with the same convenience and security as domestically.
A contract has been signed enabling one of the world's largest global financial institutions to use Mastercard Send for cross-border payments. This agreement leverages the unique capabilities of the HomeSend network to reach millions of disbursement end-points.
As a delivery and technology partner of Mastercard for this service, HomeSend expects to see a new stream of flows emerge from Mastercard Send, as well as from some direct HomeSend wins, following a number of signed new contracts through 2017 and into 2018. This includes a growing list of banks ranging from smaller regional players to more recent wins with large global financial institutions. Mastercard Send and HomeSend have now signed more than 20 banks and the pipeline of other opportunities continues to grow.
Experience of implementations indicates that commercial and technical considerations are best served by 'dividing up' volumes into containable project phases. eServGlobal notes that a planned initial phase in a mid to large-sized bank typically involves between US$0.5 billion to US$2 billion of volume. Visibility of the subsequent phase(s) becomes clearer during the planning and implementation of the first phase. For this new opportunity, live first phase volumes are currently expected to begin by the third quarter of 2018, with a second phase already identified and being worked on. Test transactions have already been completed across a number of corridors and the precise speed of volume build-up will become clear as the transactions start to flow.
HomeSend expects to see a volume uplift over the course of 2018 and beyond. HomeSend can support delivery of cross-border transactions into over 100 countries today, the potential exists to grow the business by servicing this significant vertical opportunity.
eServGlobal Executive Chairman, John Conoley said: "This contract is one of the larger opportunities previously communicated to the market and is a clear endorsement for HomeSend from one the world's largest financial institutions. Banks of this nature have the capability of sending multiples of billions of dollars per year through a variety of channels. The rapid build-up of bank and financial institutions now enabled to exploit the HomeSend network has provided eServGlobal's Board of Directors with confidence that the JV's pivot into the bank-led market is succeeding and has provided a volume platform for the future of the business. This spread of volume is critical to a small growing business and HomeSend management have skilfully navigated that path and de-risked the challenges faced by many start-ups."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via regulatory news service this inside information is now considered to be in the public domain.
eServGlobal (LSE: ESG.L & ASX: ESV.AX), a pioneering digital transactions technology company, announces it has secured a new three-year contract with existing customer, Ooredoo Algeria. The contract encompasses technology platform upgrades as well as three-years of support through to 2020.
eServGlobal has been a technology vendor to Ooredoo Algeria for more than a decade, facilitating all prepaid recharge requirements. As part of the new contract, eServGlobal will upgrade the technology platforms to the new releases of PayMobile for electronic recharge and VoMS for Voucher Management to facilitate a comprehensive recharge offering for the largely prepaid subscriber base.
James Hume, eServGlobal COO, said, Ooredoo Algeria is one of our longest standing customers and we have worked closely with them over many years. Im pleased to be able to share this clear sign of progress against our objective to create true business partnerships with our existing customers. This contract also further supports our commitments to building strong recurring revenue.
Imed Soussou, Ooredoo Algeria, CTO, said, Algeria is a growing and dynamic market with strong demand for new technologies. During the decade we worked with eServGlobal, we have seen the demonstrated ability of their technology, particularly recently, their commitment to support and engagement towards their customers. It is important for us to trust in our technology partners. We look forward to continuing this partnership as we work together to build technology solutions for Algerias future.
eServGlobal was awarded this contract based on the proven, in-field performance of its technology solutions as well as its commitment to work together with the operator.
Ooredoo Algeria is a leading telecommunication provider in the country, with more than 14 million customers, and is part of the Ooredoo Group, which has a presence in ten markets across North Africa, the Middle East and Southeast Asia. eServGlobal is currently working with Ooredoo Group affiliates in four countries.
eServGlobals flagship PayMobile platform is a highly reliable and open solution built on more than 30 years experience working with telecommunication operators.
Read Edison's note on ESERVGLOBAL, out this morning, by visiting https://www.research-tree.com/company/AU000000ESV3
"eServGlobal has brought recent negotiations for a major PayMobile contract to a successful conclusion, signing a five-year contract worth 6m. This supports current year revenue guidance and potentially marks the start of a recovery in the companys fortunes..."
"April continues to be, frankly, boring. Last week finished with the @GB:UKX:FTSE 100 failing to better our 6,225. Now, it makes sense to wonder how much damage will be done by the news that, the leader of our country having so much faith in the ..."
"THE FTSE THIS WEEK (FTSE:UKX) and eSERVEGLOBAL PLC (LSE:ESG) April continues to be, frankly, boring. Last week finished with the FTSE failing to better our 6225. Now, it makes sense to wonder how much damage the news of the leader of our ..."
they belong to Henderson until october 2017 if they manage to steer through that long.
3.5m in escrow still, ANB standing in the way, delays to higher margin sales, losses etc.
shame they managed to get into this mess.
who was/is responsible?
blundell now out of the picture but wasn't he a mover/shaker in the run up to this?
buck stops with shareholders though.
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