What is MasterCard® MoneySendTM?
MoneySend enables consumers to move funds quickly and safely—to friends and family or to their own MasterCard card accounts—and receive disbursements from businesses and governments, leveraging the trusted and reliable MasterCard Network.
MoneySend Transactions support a broad suite of programs, including:
Domestic or cross border payments between individuals (as long as the Recipient is not a merchant).
Examples: A Sender might use a Person-to-Person payment to send money to a child away at college or to reimburse a friend.
Disbursements from a business/merchant to a consumer.
Examples: A business might use the Disbursements program to distribute insurance claim payments, payroll, investment dividends, or merchant rebates.
Government/Non-Government Organization (NGO)-to-Consumer Disbursements:
Disbursements from a government or non-government organization to a consumer.
Examples: A government or NGO might use the Disbursements program to distribute pensions, social benefits, tax refunds, or emergency aid.
Transfer of funds from one account to another account owned by the same consumer. This includes cash in at a mobile money agent which complements the MoneySend Agent Cash Out program.
Examples: A consumer might use the Account-to-Account Transfer to fund a MasterCard card for a specific purpose, such as online shopping or to fund a mobile money wallet via an agent.
Credit Card Bill Payments:
Transfer of funds to a credit card for the purpose of making a payment toward an outstanding balance.
Example: A consumer might apply funds toward the outstanding balance of a MasterCard credit card. The MasterCard Receiving Account may belong to the Sender or may be in another person’s name.
Agent Cash Out:
Domestic transfer of funds from a consumer’s mobile money account to an agent mobile money account for the purpose of cash out.
Example: A consumer wishing to withdraw funds from a mobile money wallet would transfer them to a mobile money agent, who would then provide cash to that consumer. (The mobile money agent receives the funds into a MasterCard or Maestro card account associated with the agent’s mobile money wallet.)
A Sender may be a consumer, business, government, or non-government organization while the Recipient is a consumer. An Originating Institution (OI) acts on behalf of the Sender to send funds to a Recipient holding an account at a Receiving Institution (RI). MoneySend may not be used to replace card acceptance for the purchase of goods and services.
How MoneySend works
Financial institutions offering MoneySend money transfer services engage in two transactions to accommodate the money transfer between the Sender and the Recipient: a funding transaction and a payment transaction.
Step 1: Funding Transaction
MasterCard provides a Funding transaction to move money from the sender (customer) to the Originating Institution (the financial institution providing the money transfer service); that transaction can be initiated through the MoneySend API.
- The amount used to fund the transaction will be the sum of the amount to be sent to the Recipient, plus any fees charged by the Originating Institution.
- The Sender can fund the transaction using a MasterCard card account or other branded card account that the Originating Institution accepts; from a bank account; or with cash, at the bank’s discretion.
- The MoneySend Funding Transaction can be initiated in a number of ways, including at a bank branch, an ATM, a mobile banking application, or a Web-based service such as an Internet banking site, at the bank’s discretion.
- If the Sender provides a MasterCard card to fund the transaction, the transaction can be processed using a MoneySend Funding Transaction leveraging the MasterCard Worldwide Network.
- If another funding source is used, such as the Sender’s deposit account or non-MasterCard card held at the Originating Institution, the Originating Institution may use an On-Us Transaction. (An On-Us Transaction is an intra-bank transaction to move funds from the Sender’s funding account to the Originating Institution.)
Step 2: Payment Transaction
The MoneySend Payment Transaction transfers funds from the Originating Institution, via the MasterCard Network, to the account identified by the Recipient at the Receiving Institution. Funds can be transferred to a consumer, credit, debit or prepaid MasterCard®, Cirrus®, or Maestro® account. The Originating and Receiving Institution must both have the ability to process MoneySend transactions.
MoneySend API Services
There are four MoneySend API services. The Transfer service is the core API used to transfer funds to a MasterCard card account. Card Eligibility, Card Mapping and Sanction Screening Service are services that enhance the transfer service by validating the card account and processing transactions using an alias, such as a user's email or password, to provide privacy for the Recipient and may reduce the PCI burden for the developer. The MoneySend services work together:
- Transfer - Submits funding transactions, payment transactions and reversals. Transactions can be submitted real-time or in a batch file.
- Card Eligibility - Determines if a receiving card is eligible for MoneySend and provides information about sending and receiving cards such as issuer, brand, product type, country, and currency.
- Card Mapping - Provides interoperability between Receiving Institutions, so a customer of an Originating Institution can transfer money to a customer of a Receiving Institution without the Recipient disclosing his or her personal account number to the Sender.
- Sanction Screening Service - Provides capability for Originating Institution or Receiving Institution to screen a Sender's or Recipient's name against OFAC's Specially Designated Nationals and Blocked Persons List (OFAC SDN List), and other select lists from the sending and receiving countries.
MoneySend Sample User Registration
For example, the Card Eligibility and Card Mapping services can add value to user registration during a MoneySend transaction. Incorporating an eligibility check into the process lets your customer know immediately if there is an issue with registration and reduces potential back office expense from having to contact your customer after the fact. The Card Mapping service can help allay your customers' privacy concerns sharing their card accounts with the Sender.
MoneySend Transaction Flow
The three APIs work well together to provide a seamless customer experience and a valuable service to your customer.
How Do I Get Started?
Enrollment and Participation
For MasterCard Members
If you are a MasterCard financial institution member, please refer to the MoneySend Program Guide on MasterCard Connect for more information, including requirements for processing MoneySend transactions.
For Non-Financial Institutions
Service Providers will need to partner with a MasterCard financial institution customer to acquire MoneySend transactions and discuss whether you are performing the role of a service provider for them. If you are, the MasterCard financial institution customer will need to register your company as their Service Provider (SP), pursuant to the MasterCard Rules to provide acquiring processing services. This step must be completed prior to launching your MoneySend payments service.
Delivering a Production-Ready Application
As a developer, you may develop and test your application in the Developer Zone sandbox at any time. However, to use the MoneySend services to facilitate actual transactions, the participating financial institution and you must complete the following steps:
- Find an Originating Institution partner who will acquire the MoneySend transactions.
- The Originating Institution enrolls for MoneySend by signing and submitting the MasterCard MoneySend Registration-Global (Form 1060). This form must be completed, submitted, and approved by MasterCard before a member may commence any activity as an Originating Institution. The form is available on the Member Publications page on MasterCard Connect.
- Submit the MasterCard MoneySend API Configuration Form (Form 1141).
- Have your Originating Institution partner register you as a Service Provider (SP), if applicable.
- The Originating Institution must code to the MoneySend Single or Dual Message specification for issuer processing, if it has not already done so, and will be set up to acquire MoneySend transactions on Single Message. All HTTP requests must add an OAuth Authorization Header.
- When your testing in the sandbox is complete, have the Originating Institution contact its MasterCard Account Representative to conduct Single or Dual Message testing and MoneySend API testing with MasterCard's Customer Implementation Services (CIS) team. The MasterCard Account Representative will make sure all requirements (outlined in steps 2-4) have been met to begin testing with CIS.
- CIS schedules time with the Originating Institution and SP to test. CIS will certify the Originating Institution for processing MoneySend Funding and Payment transactions, and the SP as an acquirer processor for MoneySend using the MoneySend APIs.
- When testing is complete, you'll be certified to move to Production.
How Much Does It Cost?
For information about fees, refer to the applicable MasterCard Consolidated Billing System (MCBS) manual. Additionally, pricing information is published in Global and Regional Pricing Bulletins.