PURCHASE, N.Y.–Mastercard has completed its acquisition of Transfast, a global payments company with significant cross-border network reach.
Mastercard originally declared the intent to buy Transfast on March 8, 2019.
“The acquisition builds on Mastercard’s strength in payments and drives improved transparency and certainty in cross-border transactions, enabling people and businesses to send and receive money beyond borders with greater speed and ease,” the company said.
Transfast will enable Mastercard to continue servicing the growing needs of consumers and businesses as well as governments and merchants in cross-border transactions, the company added.
“It builds on Mastercard’s strategy to offer choice to its customers through the expansion of the Mastercard global network. This move adds to Mastercard’s leading position in meeting business, government and consumer payment requirements, whether it’s business to business, person to person or other payment flows,” Mastercard said.
‘Exciting Milestone’
“(The) announcement is an exciting milestone for Mastercard in helping to further build democratized access to predictable and faster payments globally,” said Mastercard Executive Vice President Stephen Grainger. “People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”