Mastercard has introduced a new tool called “Cross-Boarder Service Express” to enable financial institutions to set up international payments seamlessly for consumers and small businesses to ease cross-border payments.
The Cross Border, Express Service, uses a customisable and easy-to-implement digital overlay, providing additional tools to meet compliance and regulatory requirements.
Further, the service complements Mastercard’s Cross-Border Services offering.
Master Card Executive Vice President Transfer Solutions noted that the Global payment platform’s goal is to provide choice, access, and transparency for payments across borders.
“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.”
Participating financial institutions can provide their customers with international payments in more than 60 different currencies to more than 100 markets, which account for 90% of the world's population.
The service gives users payment freedom by sending funds to bank accounts, mobile wallets, cards, and cash payout locations with complete transparency and predictability over transaction status and delivery time.
To fulfil customers' rising expectations for digital experiences, Mastercard worked with Fable FinTech and Payall Payment Systems to create this market solution through a smooth user interface.
According to Mastercard's 2022 Borderless Payments Report, cross-border payments are increasingly being sent and received digitally, with 75% of consumers using mobile apps to do so.
The report noted that many challenges still exist around transparency and costs.
Additionally, 39% of SME respondents said that cross-border payments slow their supply chain, and one quarter reported that suppliers had refused to work with them because of uncertainty over payment times.
