Mastercard has introduced a new tool that lets financial institutions set up international payments for their customers.
The move comes as research from the global payment-processing firm suggests that 39 per cent of SMEs think cross-border payments slow their supply chain down, while a quarter say that suppliers have refused to work with them because of uncertainty over payment times.
Cross-Border Services Express enables payments in 60 different currencies to over 100 markets, which Mastercard says covers 90 per cent of the world’s population.
The service will also allow SMEs to send money and pay vendors quickly and securely.
Mastercard said the service offers SMEs flexibility to pay and receive payments in a variety of different ways, claiming that it also offers “predictability over transaction status and delivery time”.
The payment tool, which also has additional features to meet compliance and regulatory requirements, has been launched in collaboration with Fable FinTech and Payall Payment Systems.
“It’s our goal to provide choice, access, and transparency for payments across borders,” said Alan Marquard, executive vice president, Transfer Solutions at Mastercard. “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.”
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