Mastercard has today announced the introduction of Cross-Border Services Express, a new tool that enables financial institutions to seamlessly set up international payments for their customers, including consumers and small and medium-sized enterprises (SMEs), which have a strong need for improved cross-border payment capabilities.
Cross-Border Services Express enables consumers and businesses to send money or pay vendors across the globe quickly in a digital-first experience.
The service complements Mastercard’s Cross-Border Services offering. It works using a customizable and easy-to-implement digital overlay, while also providing additional tools to meet compliance and regulatory requirements.
Executive Vice President, of Transfer Solutions at Mastercard, Alan Marquard the firm’s goal is to provide choice, access and transparency for payments across borders.
“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,” said Mr Marquard.
With Mastercard’s Cross-Border Services, participating financial institutions can offer their customers international payments in more than 60 currencies to over 100 markets covering 90% of the world’s population.
The service offers users flexibility in how they pay by delivering funds to bank accounts, mobile wallets, cards, and cash payout locations with full transparency and predictability over transaction status and delivery time.
Cross-Border Services Express enables financial institutions to get to the market faster, reduce transaction risk, and deliver the modernized payment experience that consumers and SMEs seek when making international payments.
Mastercard is collaborating with leading fintech Fable FinTech and Payall Payment Systems to deliver this light-touch, quick-to-market solution through a seamless user interface that meets customers’ increasing expectations for digital experiences.
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.
Executive Vice President, Small and Medium Enterprises at Mastercard,
Jane Prokop said, “For small and medium enterprises, it’s important to keep money flowing. 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.”