Mastercard has introduced a new service for financial institutions looking to set up international payments for their customers.
Cross-Border Services Express, which is being delivered in collaboration with fintechs Fable FinTech and Payall Payment Systems, has been set up to help financial institutions “get to market faster” while reducing transaction risk. Users will be provided with a choice of payment options including delivering funds to bank accounts, mobile wallets, cards, and cash payout locations. The service will also have full transparency and predictability over transaction status and delivery time, Mastercard said.
“It’s our goal to provide choice, access, and transparency for payments across borders,” said Alan Marquard, Executive Vice President, Transfer Solutions at Mastercard.
He added, “With a simple, turn-key integration, 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.”
Digital payments growth
Digital payments are seeing strong growth with three-quarters of consumers who send and receive cross-border payments doing so through mobile apps, according to Mastercard’s 2022 Borderless Payments Report.
However, many challenges still exist around transparency and costs. Additionally, 39% of SME respondents said that cross-border payments slow their supply chain and one quarter reported that suppliers had refused to work with them because of uncertainty over payment times.
“For small and medium enterprises, it’s important to keep money flowing,” said Jane Prokop, Executive Vice President, Small and Medium Enterprises at Mastercard.
“Cross-Border Services Express will enable financial institutions to meet SMEs’ needs for an efficient and digital cross-border payments solution they can count on to pay employees, suppliers, and partners fast and with full predictability.”
