Mastercard has introduced Cross-Border Services Express, a new tool designed to help financial institutions easily set up international payments for their customers, including consumers and small and medium-sized enterprises (SMEs). The service aims to address the growing need for efficient, secure, and fast cross-border payment capabilities.
Cross-Border Services Express is a digital overlay that offers customization and simplifies compliance with regulatory requirements. It complements Mastercard’s existing Cross-Border Services offering. This new service aims to level the playing field for small and mid-tier banks, credit unions, and community banks by providing them with the same international payment features as larger financial institutions.
The service enables participating financial institutions to offer international payments in over 60 currencies to more than 100 markets, covering 90% of the world’s population. Users have flexibility in payment options, including funds delivery to bank accounts, mobile wallets, cards, and cash payout locations, with full transparency and predictability.
Mastercard is partnering with fintech companies Fable FinTech and Payall Payment Systems to provide a seamless user interface for this quick-to-market solution, catering to the rising customer expectations for digital experiences.
The 2022 Borderless Payments Report by Mastercard indicates strong growth in digital payments, with 75% of consumers using mobile apps for cross-border transactions. However, transparency and cost challenges remain. Cross-Border Services Express aims to address these issues and help SMEs maintain cash flow by providing a reliable, efficient, and digital cross-border payments solution.
For more information, visit: https://b2b.mastercard.com/cross-border-services/
This article, “Mastercard Unveils Cross-Border Services Express to Modernize International Payments” was first published on Small Business Trends