The combination of Citi WorldLink Payment Services and Mastercard Move offering will add speed, security, and transparency for cross-border transfers in 14 supported markets.
Citigroup and Mastercard have announced a partnership to enhance global cross-border payments. This collaboration enables Citi’s clients to send near-instant, full-value payments to consumers holding Mastercard debit cards in 14 receiving markets, with more regions to be added in the future.
The integrated solution is now available to Citi clients across 65 origination countries. It expands Citi’s payout offerings across Europe, Asia, Africa, Latin America, and the U.S. (domestic transfers).
The new feature leverages Citi’s WorldLink Payment Services and Mastercard Move’s money transfer capabilities. The joint service offers improved speed, security, and transparency for international transactions. It supports various use cases, e.g. insurance payouts, airline refunds, compensation payments, on-demand payments to freelance and gig-economy workers, e-commerce payments to merchants, and customer refunds.
The latest initiative builds upon the longstanding relationship between Citi and Mastercard, aiming to provide innovative solutions for their global clientele.
“As the global economy has become increasingly digital, our continued investment in the future of cross-border payments helps us drive innovation at scale for our clients. This collaboration builds on our longstanding relationship with Mastercard and leverages the strength of our global proprietary network combined with other leading digital wallet and card capabilities to enable our clients to make cross-border payments as though there are no borders, no currencies, no constraints.”
Debopama Sen, Head of Payments, Citi Services
WorldLink Payment Services is a platform designed to facilitate cross-border payments with multi-currency support, broad geographic reach, a variety of payment methods, automation and streamlining, and more. The platform enables clients to make cross-border payments in over 135 currencies via multiple payment methods, ranging from traditional wires and ACH to cross-border instant payments, digital wallets, and now to the freshest addition – Mastercard debit cards.
Mastercard Move is a cross-border payment solution facilitating secure, fast, and efficient money transfers. It leverages Mastercard’s global network and infrastructure to enhance international payment services for both individuals and businesses. Mastercard Move supports various applications, such as person-to-person (P2P) transfers, insurance payouts, business payments, and e-commerce transactions. The solution covers more than 180 countries and 150+ currencies, providing banks access to more than 95% of the world’s banked population.
Mastercard offers a range of services to facilitate cross-border transactions, including a Cross-Border Services Express tool.
