PURCHASE, N.Y.—Mastercard has introduced Cross-Border Services Express, a new tool the company says enables financial institutions to set up international payments for their customers, including consumers and small and medium-sized enterprises (SMEs).
“Increasingly, consumers and businesses are looking for ways to send money or pay vendors across the globe quickly and securely. Cross-Border Services Express delivers that completely in a digital-first experience,” Mastercard said.
The service complements Mastercard’s Cross-Border Services offering. It works using a customizable and simple digital overlay and also provides additional tools to meet compliance and regulatory requirements, Mastercard said.
“It’s our goal to provide choice, access, and transparency for payments across borders,” said Alan Marquard, executive vice president, transfer solutions at Mastercard. “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.”
What Customers Are Offered
In addition, Mastercard said with Cross-Border Service 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.
Mastercard added it is collaborating with fintechs Fable FinTech and Payall Payment Systems to deliver this solution through a user interface that meets customers’ increasing expectations for digital experiences.
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