DBS and Mashreq are extending same-day and near-instant peer-to-peer cross-border payments, as part of a new collaboration, the firms have announced.
The service is powered by a single API integration with DBS Globesend and has been designed to enable cost-effective, fast and transparent payments. Through the deal, it can now be used for payments to Mashreq’s retail customers in select markets across Asia Pacific, Europe and the Americas.
Customers will also be able to make same-day cross-border payments to popular digital wallets, in line with the growing demand for e-commerce transactions. In addition, payments to Singapore and Hong Kong can be tracked end-to-end in real-time for greater peace of mind.
Demand for secure, convenient and cost-effective cross-border payments has been on the rise, driven by digital economy flows and higher volumes of international trade, investments and remittances. Global cross-border payment flows are projected to exceed USD 250 trillion by 2027, up from almost USD 150 trillion in 2017. Against this backdrop, bank have an increasngly important role to play in strengthening the connectivity of business and consumer needs between regions.
Kartik Taneja, Head of Payments and Consumer Lending at Mashreq, said: “We are pleased to join forces with DBS Bank to broaden our network, providing secure and seamless cross-border remittance services to meet the needs of the expanding expatriate community in the UAE.”
Terence Yong, Global Head of Sales, Global Transaction Services at DBS Bank, added “Global cross-border payment flows have surged as businesses, investors and talent pursue opportunities in new markets. This is especially evident in Asia which has attracted considerable business attention globally, including from the United Arab Emirates.
