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MoneySend Service for Rietumu Bank Clients – For the First Time in the EU

05-Nov-2015 / Products & Services Rietumu Bank has become the first bank in the EU to offer its clients MoneySend from MasterCard – the convenient payment service for international payments.

This service has been implemented utilizing the new Latvian processing centre DECTA.

The MoneySend service allows Rietumu Bank clients to remit funds directly to MasterCard cards issued by any bank worldwide. In contrast to standard money remittances, neither the receiver’s account number, nor any other accompanying information is required. All one needs is the card’s number and the name and surname of the cardholder.

“We are delighted that Rietumu Bank has become the first bank in the European Union to start offering MasterCard MoneySend™ to their clients. MoneySend is an easy, fast and secure way to send and receive money without having to locate bank account details or handling cash and it also offers the convenience of an instant online notification”, says Mats Taraldsson, Head of Business Development, MasterCard Nordics and Baltics.

Recently, Rietumu Bank introduced a direct remittance service also for VISA cards – OriginalCreditTransaction (OCT). Now, bank clients can remit funds to payment cards from both leading international payment systems.

“Modern technologies allow maximally optimising financial services and making payments faster and more convenient. We, on our part, strive to use all the latest opportunities and introduce the most advanced services for the convenience of our clients,” said the Head of Payment Cards Department of Rietumu Bank Mark Andreyev. “Direct remittances to cards is a simple and beneficial method for payments, especially for small daily payments. This service enjoys a well-deserved popularity in many regions of the world, and I am sure that it will have a big future also in Europe.”

When remittances to MasterCard and VISA cards are made, the remitted funds are automatically converted to the currency of the receiving card.

The new service may be used by all clients of Rietumu Bank, both private individuals and legal entities. Payments may be made via the online bank iRietumu.

DECTA, which started operating in 2015 in Riga, is the advanced processing centre. For its establishment, technological solutions developed by one of the world’s leading IT companies, Tieto, have been used. DECTA offers services for processing online payments with cards of international payment systems and solutions for issuing payment cards in the Baltic States, the CIS, Europe and other regions of the world.

Eleonora Gailisha
Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail: egailisha@rietumu.lv
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