Fintech & Ecommerce

Mastercard Launches Move Commercial Payments for Near Real-Time Cross-Border Transactions

The newly introduced Mastercard Move Commercial Payments solution is designed to streamline operations, enhance liquidity management, lower counterparty risk, and offer comprehensive visibility for banks and their clients.

Mastercard Launches Move Commercial Payments for Near Real-Time Cross-Border Transactions

Mastercard today launched an innovative payment product – Mastercard Move Commercial Payments – able to power near real-time commercial cross-border payments 24/7, 365 days a year.

The new solution was revealed in Beijing at the annual Sibos conference. As comes from its name, the new tool is designed specifically for commercial cross-border payments, e.g. corporate trade payments and intra- and inter-company treasury flows where working capital efficiency is a key factor. Move Commercial Payments is fully compatible with existing correspondent banking arrangements, which makes its integration seamless and quick.

Among the new solution’s essential features, noteworthy are flexible settlement options that allow banks to augment liquidity efficiencies without impacting FX and deposit-related bank revenue; embedded multilateral arrangement; and a single technical connection with banks’ existing Swift messaging infrastructure, enabling to add corridors and currencies with minimal cost and effort.

“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,” explained Alan Marquard, Head of Transfer Solutions at Mastercard.

According to the press release, those pain points are low speed, unpredictability and lack of pricing transparency. Thus, Mastercard’s new solution aims to simplify operations, optimise liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their clientele.

The new tool was piloted in the UK with Lloyds Banking Group and UBS, using Fnality as the settlement venue.

Move Commercial Payments is part of Mastercard’s portfolio of the latest payment innovations. Just a few days ago, the payment provider launched new open banking tools, including the Connect Plus platform, which allows consumers to manage their financial data securely, device intelligence to prevent fraud during account linking and opening processes, and more.

Earlier this year, Mastercard presented a new approach to identifying compromised payment cards, which involves using a combination of generative artificial intelligence and graph technology.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.