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Mastercard Incorporated (NYSE:MA) launched Mastercard Move Commercial Payments, a solution designed to enable banks to offer near real-time, transparent, and predictable commercial cross-border payments.
Unveiled at the Sibos conference in Beijing, the product aims to simplify operations, optimize liquidity, and reduce counterparty risk for banks and their clients.
With cross-border payments growing rapidly, Mastercard Move addresses key challenges such as slow transactions and lack of pricing transparency, offering an innovative approach to enhance the commercial payments landscape.
In a U.K. pilot with Lloyds Banking Group and UBS, using Fnality as the settlement venue, Mastercard Move Commercial Payments is facilitating near real-time, 24/7 cross-border transfers.
This solution is part of the broader Mastercard Move portfolio, which offers fast and secure money transfer services for individuals and businesses, both domestically and internationally.
Alan Marquard, Head of Transfer Solutions at Mastercard, said, “By powering fast, predictable and transparent payments, Mastercard Move Commercial Payments will bring what is already the norm in domestic payments to the commercial cross-border payment space.”
“Our latest product innovation aims to directly address the pain points that are currently affecting the commercial cross-border payments market. By shifting to this new model, they will be empowered to generate new revenue streams while reducing risk and enhancing the offering for their corporate customers.”
This month, Mastercard launched same-day card payments in South Africa, boosting merchant cash flow and liquidity.
Investors can gain exposure to the stock via iShares U.S. Financial Services ETF (NYSE:IYG) and BlackRock Long-Term U.S. Equity ETF (NASDAQ:BELT).
Price Action: MA shares are up 0.03% at $516.52 premarket at the last check Monday.
Photo via Shutterstock
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