Mastercard enables Cross-Border Services Express access in over 100 markets

Payments industry giant Mastercard has introduced Cross-Border Services Express, a new tool the company says enables financial institutions to seamlessly set up their customers’ international payments.

According to a Mastercard announcement, these customers include consumers and small and medium-sized enterprises (SMEs). “Increasingly, consumers and businesses are looking for ways to send money or pay vendors across the globe quickly and securely. Cross-Border Services Express delivers that completely in a digital-first experience” the company noted in a recent announcement.

With Mastercard’s Cross-Border Services, participating financial institutions can offer their customers international payments in more than 60 currencies to over 100 markets covering 90% of the world’s population, the company says.

The service complements Mastercard’s Cross-Border Services offering and works using what the company describes as a customisable and easy-to-implement digital overlay, while also providing additional tools to meet compliance and regulatory requirements.

“It’s our goal to provide choice, access, and transparency for payments across borders,” commented 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.”

The service offers users flexibility in how they pay by delivering funds to bank accounts, mobile wallets, cards, and cash payout locations with full transparency and predictability over transaction status and delivery time. With Cross-Border Services Express, financial institutions can now get to market faster, reduce transaction risk, and deliver the modernised payment experience that consumers and SMEs seek when making international payments.

Mastercard is collaborating with leading fintechs Fable FinTech and Payall Payment Systems to deliver the service.