A new tool by Mastercard helps financial institutions seamlessly set up cross-border payments for their customers across 100 markets covering 90% of the world’s population
Mastercard has launched a Cross-Border Services Express tool to help financial institutions (FIs) simplify international payments. The service works with a customizable digital overlay and offers additional tools for companies to meet compliance and regulatory requirements.
The company explains that with Cross-Border Services Express, financial institutions can access Mastercard’s vast global network of payout partners while reducing transaction risks and delivering a modernized payment experience for consumers and SMEs when making international payments.
The service complements Mastercard’s existing Cross-Border Services offering. It would be particularly useful for small and mid-tier banks, including credit unions and community banks, as they can expand their reach and get the same international payment opportunities as large FIs, “regardless of their size and scale”.
Cross-Border Services Express enables payments in more than 60 currencies across over 100 global markets, covering 90% of the world’s population.
The new solution is delivered in partnership with Fable FinTech and Payall Payment Systems.
India-based Fable Fintech provides a money transfer technology system to banks, money transfer operators and payment banks. Its end-to-end, interoperable and transparent cross-border payment solutions and international remittance SaaS serves numerous banks, financial institutions and SMEs.
Payall Payment Systems is a cross-border processor for banks, that enables regulated financial institutions to move money safely and quickly. the fintech also offers features such as wallets, pay-in and pay-out flexibility, managed acceptance, virtual Mastercard, card acceptance, and communications platform.
Mastercard has recently collaborated with the Australian stablecoin platform Stables to allow retail customers in the APAC region to spend their stablecoins.