To keep up with demand for global cross-border payments, Mastercard has launched a new tool that lets financial institutions set up international payments for their customers.
Via this effort, FIs will be able to offer customers international payments in more than 60 currencies across 100 markets.
In a press release, Alan Marquard, Executive Vice President of Transfer Solutions at Mastercard noted: “It’s our goal to provide choice, access, and transparency for payments across borders. Cross-Border Services Express levels the playing field and provides small and mid-tier banks, including credit unions and community banks, with the same international payments features regardless of their size and scale.”
More Flexibility in Payments
From sending money to families overseas to making international business transactions, the need to make international payments quickly and safely is more important than ever.
“Cross-border payment solutions that ride on card rails are a game changer,” said Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research. “While there are still kinks that need to be worked out regarding FX transparency, acceptance and lading, the relative ease of payment versus other methods will move card-based toward the instrument of choice.”
Mastercard has been ramping up its cross-border payments efforts recently. In fact, just last month, Mastercard, PXP Financial, and Payall teamed up to “deliver safe, compliant and efficient cross-border payments and international money transfers.”
The partnership, similar to this recent launch of Cross-Border Services Express, focuses on providing more reliable and efficient ways to transfer and receive money.
And we expect to see continued partnerships such as this as the cross-border payments space continues to heat up, and more financial institutions aim to streamline the space.