Transfast

Transfast was an international remittance and cross-border payments company headquartered in New York, with additional offices in India, the United Arab Emirates, Nigeria, and the Philippines. It began in 1988 under the name Trans-Fast, initially concentrating on money transfers from the United States to Latin America. Over time, the business expanded into a multi-currency payments provider serving both individual consumers and commercial customers. The company’s operating model combined digital transfers with a proprietary direct-to-bank network and a large agent-based cash-payout infrastructure. According to the referenced company description, Transfast connected senders to approximately 200,000 payout locations across 120 countries and held licenses in more than 70 jurisdictions. Customers could send funds through online or mobile channels, arrange transfers to bank accounts, or use agents for in-person transactions and cash collection. Its network was particularly extensive in India and Africa, and it also supported transfers to mobile-money and bank-account recipients in markets such as Kenya. Transfast developed both consumer-facing and business-facing offerings. Its Transfast.com service allowed customers to initiate transfers from a desktop or mobile device, while its agent business supported in-person remittance transactions. The Transpay platform addressed business-to-business and business-to-person international payments, using the company’s payment network to move funds across borders. The company identified organizations such as Google and Upwork among Transpay customers in its product description. Pricing was an important part of Transfast’s market positioning. In the first quarter of 2016, the World Bank’s Remittance Prices Worldwide database ranked Transfast among the lowest-cost providers for remittances to the Philippines, Nigeria, Egypt, and Ghana. The company also reported substantial reach in India, where its network exceeded 45,000 locations, and in Africa, where it operated in 23 countries and connected to a significant proportion of bank-account holders in those markets. Greenhill Capital Partners invested in the company in 2007, after which the business adopted the legal name Transfast Remittance LLC. Mastercard acquired Transfast in July 2019, bringing its cross-border payments capabilities into Mastercard’s broader payments organization. Transfast subsequently discontinued its online money-transfer service on February 14, 2020. The available reference material does not establish whether all other Transfast-branded activities continued, were integrated into Mastercard, or were otherwise discontinued; the brand’s current standalone operating status is therefore uncertain.

Transfast traces its origins to 1988, when it was established as Trans-Fast to facilitate money transfers from the United States to Latin America. Its early focus was the traditional remittance corridor: migrants and other senders in the United States transferred funds to recipients in Latin American countries. Over the following decades, the company broadened both its geographic coverage and its delivery methods. A significant corporate development occurred in 2007, when Greenhill Capital Partners, LLC invested in the business. Following that investment, the company changed its name to Transfast Remittance LLC. The rebranded organization developed into a broader international payments provider rather than remaining limited to a single regional corridor. Its services combined online and mobile initiation with agent-assisted transactions, bank deposits, and cash collection. Transfast’s network strategy relied heavily on direct connectivity. The company described a wholly owned direct-to-bank network through which remittances could be sent to bank accounts in recipient markets. It also maintained relationships with agents and cash-payout locations, allowing recipients without convenient bank access to collect funds in cash. The cited company material attributed approximately 200,000 payment points to the network and described coverage in 120 countries. The company expanded its physical and operational presence beyond the United States. Offices were identified in India, including Kochi, Pune, Jalandhar, and Hoshiarpur, as well as in the United Arab Emirates, Nigeria, and the Philippines. India became one of its most developed markets, with the company reporting more than 45,000 locations. In Africa, Transfast operated in 23 countries and connected customers in the United States and Canada to nearly 600 banks and approximately 6,000 bank-based cash-pickup locations. In Kenya, it connected to M-Pesa and worked with three major Kenyan banks to support transfers into the country. Transfast also pursued commercial payments through Transpay, a business-to-business and business-to-person cross-border payments platform. The platform was presented as using end-to-end technology and the company’s international network to provide rapid transfers for business customers. Google and Upwork were cited as customers in the available product description. This business-facing offering complemented Transfast’s consumer remittance service, Transfast.com, which supported transfers initiated from desktop and mobile devices. Cost competitiveness was another part of the company’s market proposition. In the first quarter of 2016, the World Bank’s Remittance Prices Worldwide database listed Transfast as a low-cost provider for transfers to the Philippines, Nigeria, Egypt, and Ghana. Such recognition was relevant in remittance markets where fees and exchange-rate costs materially influence consumer choice. Mastercard acquired Transfast in July 2019. The transaction placed Transfast within Mastercard’s wider cross-border payments strategy and gave Mastercard access to the company’s network, licensing footprint, payout relationships, and technology. The public reference material does not provide transaction consideration or detailed post-acquisition integration information. Transfast ended its online money-transfer service on February 14, 2020. The available account does not establish whether the agent network, Transpay operations, technology, or other capabilities were retained under Mastercard, rebranded, integrated, or discontinued. Accordingly, Transfast’s current status as a standalone operating brand remains uncertain.

• 2020

  Online transfer service discontinued

  [1]Transfasten.wikipedia.org

  Transfast shut down its online money-transfer service on February 14, 2020.

• 2019

  Acquired by Mastercard

  [1]Transfasten.wikipedia.org

  Mastercard acquired Transfast in July 2019.

• 2016

  Recognition for low-cost remittances

  [1]Transfasten.wikipedia.org

  In the first quarter of 2016, the World Bank’s remittance-pricing database ranked Transfast among the lowest-cost providers for transfers to the Philippines, Nigeria, Egypt, and Ghana.

• 2007

  Greenhill Capital Partners investment and renaming

  [1]Transfasten.wikipedia.org

  Greenhill Capital Partners, LLC invested in the company, which changed its name to Transfast Remittance LLC.

• 1988

  Company founded as Trans-Fast

  [1]Transfasten.wikipedia.org

  The business was founded as Trans-Fast and initially focused on money transfers from the United States to Latin America.

A globally connected remittance and cross-border payments provider emphasizing broad payout coverage, direct bank connectivity, digital access, and competitive transfer pricing.

• Business cross-border payments

  Transpay

  Transpay was Transfast’s business-to-business and business-to-person international payments platform. It was designed to move funds across borders through Transfast’s proprietary network and supporting payment infrastructure. The service was positioned for organizations making international disbursements or other commercial payments, with Google and Upwork identified in the available reference as customers. The reference describes the platform as using end-to-end technology to enable rapid transfers.

• Digital consumer remittances

  Transfast.com

  Transfast.com was the consumer-facing online transfer service. Customers could initiate international money transfers through a desktop computer or mobile device, with delivery options including bank-account deposits and cash collection through the company’s payout network. The service was intended to complement Transfast’s in-person agent channel and served remittance customers sending funds internationally.

• Agent-assisted remittances

  Agent business

  Transfast’s agent business supported in-person money transfers and recipient payouts. Customers could visit an agent to send funds, while recipients could receive money in cash or have it deposited into a bank account. The cited company description attributed approximately 200,000 payment points to the global network and reported coverage across 120 countries.

• Bank-account remittance infrastructure

  Direct-to-bank network

  The direct-to-bank network was a core part of Transfast’s remittance infrastructure. It enabled senders to transfer funds to recipient bank accounts across the company’s international network. In Africa, the company described connections to nearly 600 banks for customers sending from the United States and Canada, alongside thousands of cash-pickup locations. The network also included mobile-money connectivity in Kenya through M-Pesa.

• 2020

  Closure of online money-transfer serviceStrategy

  Background

  After Mastercard acquired Transfast in 2019, the brand’s online consumer money-transfer service was discontinued.

  Action taken

  Transfast shut down its online money-transfer service on February 14, 2020.

  Aftermath

  The source does not clarify whether the agent network, Transpay, or other Transfast capabilities continued under Mastercard or were retired.

  Source

• 2019

  Mastercard acquisitionM&A

  Background

  Transfast had developed a cross-border remittance and payments network spanning consumer transfers, business payments, bank deposits, cash payouts, and mobile channels.

  Action taken

  Mastercard acquired Transfast in July 2019.

  Aftermath

  The acquisition brought Transfast into Mastercard’s broader cross-border payments organization. The available source does not state the transaction value or describe the full integration plan.

  Source

• 2020.06.24

  Reported2020.06.24

  Transfast and HBL partner for remittances to Pakistan[2]Transfast与HBL合作提供汇款服务propakistani.pk

  Transfast partnered with Habib Bank Limited (HBL) to enable expatriates around the world to send money to Pakistan, with the remittance facility available through HBL branches.

Read more

1. 1Transfasten.wikipedia.org
2. 2Transfast与HBL合作提供汇款服务propakistani.pk
3. 3Transfast partners with Habib Bank for remittancesarabnews.com