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Mastercard Unveils Move Commercial Payments for Instant Cross-Border Transactions
BEIJING & PURCHASE, New York—Mastercard has launched an innovative offering known as Mastercard Move Commercial Payments, aimed at streamlining and enhancing cross-border payment processes for banks. This solution, unveiled during the annual Sibos conference in Beijing, is designed to facilitate near real-time, predictable, and transparent commercial transactions, operating around the clock throughout the year.
With the trend of increasing cross-border transactions and global supply chain expansion, McKinsey data highlights a double-digit growth rate in this sector. Despite this progress, traditional banking systems have struggled with inefficiencies, leading to sluggish and unpredictable payments that often lack clear pricing. Mastercard Move Commercial Payments addresses these prevalent issues, presenting new opportunities in the realm of commercial payments.
Key Features of Mastercard Move Commercial Payments
Mastercard’s new solution comes with several notable features:
- Near Real-Time Payments: Banks can now facilitate payments anytime, aiding corporations in managing trade payments and treasury flows with enhanced working capital efficiency.
- Flexible Settlement Options: The platform allows banks to optimize liquidity without compromising foreign exchange and deposit-related revenue.
- Multilateral Arrangements: Embedded arrangements reduce counterparty risk, ensuring greater certainty for end-to-end transaction clearing.
- Enhanced Integration: It utilizes banks’ existing Swift messaging infrastructure, minimizing expenses and resource needs for adding new corridors and currencies.
- Compatibility with Correspondent Banking: Large clearing banks can offer these services to institutional clients with little disruption to existing processes.
- Tailored Value-Added Services: Banks can access innovative risk control and fraud analytics services specific to their operational needs.
Alan Marquard, Head of Transfer Solutions at Mastercard, emphasized the significance of this new offering, stating that it aims to replicate the speed and reliability of domestic payments within the cross-border commercial sphere. He noted that this innovation not only alleviates current payment challenges but also empowers banks to explore new revenue opportunities while enhancing their service offerings to corporate clients.
A successful pilot program in the UK, in collaboration with Lloyds Banking Group and UBS, demonstrated Mastercard Move Commercial Payments in action, enabling near real-time cross-border transfers facilitated by Fnality as the settlement platform.
Part of a Greater Ecosystem
Mastercard Move Commercial Payments is an integral element of Mastercard’s broader Move portfolio, which focuses on a variety of money transfer capabilities catering to both individual and corporate needs across domestic and international markets.
About Mastercard
Mastercard is a leading global technology company within the payments sector, dedicated to fostering an inclusive digital economy that benefits individuals and businesses worldwide. The organization emphasizes secure transactions and innovation to improve the payment experience across over 210 countries and territories.
About Mastercard Move
The Mastercard Move suite encompasses a wide array of money movement functionalities, serving nearly 10 billion endpoints and reaching approximately 4.8 billion people globally. This extensive network covers more than 95% of the world’s banked population, addressing diverse payment and disbursement needs effectively.
For further details about Mastercard Move Commercial Payments, visit businesswire.com.
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