TransferTo, a global mobile remittance hub, said in a press release that it is making remittances faster, cheaper, simpler and more secure with the launch of its Mobile Money hub. Unveiled Wednesday at Finovate Fall in New York, the Mobile Money hub enables mobile operators and financial institutions to offer real-time money transfers to mobile money accounts.

TransferTo said the Mobile Money hub launch means that consumers will be able to send funds in real time to mobile money accounts in Africa, Asia and Latin America. The company said the user's mobile phone number effectively becomes a bank account number, which they can use to make and receive payments quickly, easily and securely through mobile money transactions in real time, according to the announcement.

"At TransferTo, our goal is to connect every mobile money service so that people all over the world can send and receive money quickly and affordably," Eric Barbier, CEO of TransferTo, said in a statement. "With the launch of our Mobile Money Remittance hub, we're answering a very real need in developing countries for mobile money remittance services. Giving consumers more control over how, when, and where they access funds is a critical step towards greater financial inclusion worldwide. For consumers in developing markets, it's not only game-changing, it is truly life-changing."