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Business Wire 20-Oct-2024 8:00 PM
Introducing Mastercard Move Commercial Payments to power near real-time commercial cross-border payments 24 hours a day, 365 days a year
Mastercard introduced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate near real-time, predictable and transparent commercial cross-border payments. The new solution, revealed in Beijing at the annual Sibos conference, aims to simplify operations, optimize liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their customers.
Cross-border payments have been growing at double-digit rates, according to data from McKinsey, as businesses expand their supply chains and operations internationally. Despite this, banks still grapple with several pain points which are passed on to their business customers in the shape of slow and unpredictable cross-border payments that lack pricing transparency. Mastercard Move Commercial Payments aims to address existing challenges and capitalize on opportunities in commercial cross-border payments in an innovative way.
Key features include:
Alan Marquard, Head of Transfer Solutions at Mastercard, shares: "By powering fast, predictable and transparent payments, Mastercard Move Commercial Payments will bring what is already the norm in domestic payments to the commercial cross-border payment space.
"Our latest product innovation aims to directly address the pain points that are currently affecting the commercial cross-border payments market. By shifting to this new model, they will be empowered to generate new revenue streams while reducing risk and enhancing the offering for their corporate customers."
In a pilot in the UK with Lloyds Banking Group and UBS, using Fnality as the settlement venue, Mastercard Move Commercial Payments is being used to deliver near real-time, around-the-clock cross-border transfers.
Mastercard Move Commercial Payments is part of the Mastercard Move portfolio of money transfer capabilities that enables people and businesses to move funds quickly and securely, both domestically and internationally.
About Mastercard (NYSE:MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Mastercard Move
Mastercard Move is Mastercard's portfolio of money movement capabilities powering a variety of payment experiences — from personal payments to disbursements to business payments. Mastercard Move reaches nearly 10 billion endpoints and gives access to an estimated 4.8 billion people, and more than 95% of the world's banked population. It solves for a comprehensive range of money transfer experiences across payments and disbursements.
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