Citi, a leading global bank, has partnered with Mastercard, a global payment technology company, to enable real-time cross-border payments to debit cards.
This partnership aims to streamline international payments for consumers, offering speed and convenience on a global scale, according to Finextra.
The collaboration allows Citi to leverage Mastercard Move, a platform designed to offer near-instant, full-value cross-border payments to Mastercard debit cards.
This service is available almost 24/7, making international transactions more accessible and efficient. Citi is the first bank to adopt this solution, a significant step in modernising cross-border payments.
Through this partnership, the service will be offered initially to corporate clients, financial institutions, e-commerce businesses, and firms in the commercial sector. It will be available in 65 countries for payment origination and cover 14 receiving markets.
Mastercard has highlighted several potential use cases for the service, including insurance payouts, airline refunds, and on-demand payments to freelancers and gig workers.
Mastercard’s head of transfer solutions, Alan Marquard, emphasised the importance of this collaboration, stating: “By powering fast and secure cross-border transfers to Mastercard debit cards, our collaboration with Citi marks a significant milestone in bringing the ease and simplicity of domestic payments to the cross-border payment space.”
This new offering addresses the growing need for seamless, fast, and secure cross-border transactions, which are increasingly demanded by businesses operating in a global economy.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
