Transfast
From Wikipedia, the free encyclopedia
India,
UAE,
Nigeria,
Philippines
 | |
| Industry | Financial services |
|---|---|
| Founded | 1988 |
| Headquarters | New York |
Area served | New York, India, UAE, Nigeria, Philippines |
| Website | www.transfast.com |
Transfast is an international money transfer and cross-border payments company headquartered in New York, with additional offices in India (Kochi, Pune, Jalandhar, and Hoshiarpur), the UAE, Nigeria, and the Philippines. Transfast is owned by Mastercard.
The company is a provider of multi-currency, cross-border payments services for consumers and businesses around the world. Remittances are processed through its wholly owned direct-to-bank network, and the company offers 200,000 cash payout points across 120 countries.[1][2][3]
History
The company was founded in 1988 as Trans-Fast and focused on money transfers from the U.S. to Latin America. In 2007, the company received a private-equity investment from Greenhill Capital Partners, LLC and changed its name to Transfast Remittance LLC.[4]
In July 2019, Mastercard acquired Transfast.[5]
Transfast shuttered their online money transfer service on February 14, 2020.[6]
Products
- Transpay
Transpay is a B2B/B2P cross-border payments platform. The company's platform uses robust end-to-end technology to enable instant transfers across its global proprietary network. Customers include Google and Upwork.[7]
- Agent business
Transfast has 200,000 payment points worldwide, with agents representing the company around the globe. Customers can send money in person to be received in cash or directly into a bank account.[citation needed]
- Transfast.com
The company offers customers the ability to send online, from a desktop, or from a mobile device.[8]
In the first quarter of 2016, Transfast was listed by World Bank at the top of the World Remittance Prices database for providing the lowest-cost remittances to the Philippines, Nigeria, Egypt and Ghana.[9]
