Mastercard has partnered with payment processor PXP Financial and payments infrastructure firm Payall to boost cross-border payments.
The partnerships between the three companies will aim to deliver safe, compliant and efficient cross-border payments and international money transfers.
This collaboration also offers inclusive payment capabilities that enable PXP Financial’s customers to send funds to their partners, employees and suppliers in a more safe, efficient and convenient way.
PXP remarked that this includes inclusive payout options to recipients regardless of whether they are banked or unbanked. The next step for PXP Financial, it claims, is to work with Payall to open new destinations and new payment channels, including sending to mobile wallets, cash pickup locations and paying direct to card.
PXP Financial began working with Payall in mid-2022, having chosen Payall for its focus on payments compliance and safety, as well as its cutting edge, fintech-level experience for end users. Payall offers financial institutions worldwide a new paradigm for providing cross-border payments with first-ever capabilities that transform international money movement.
PXP Financial CEO Kamran Hedjri said, “We’re delighted to be working with Payall and Mastercard to facilitate cross-border payments, which have traditionally been slow, cumbersome and risky for both payers and financial institutions. By leveraging Payall’s proprietary compliance tech and Mastercard’s innovation moving funds globally, we are now able to offer our customers speedy, safe and simple access to international payments.”
Mastercard cross-border services SVP Rasika Raina added, “Whether sending money home to families or working with global suppliers, the need for fast, reliable and transparent payments has never been more crucial. Through programs like this, we’re making cross-border payments safe, fast and easy for everyone.”
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