Mastercard on Wednesday has launched Cross-Border Services Express, a digital tool that simplifies international payments for financial institutions and their customers, including SMEs and consumers.
The service, which works with a customizable digital overlay, offers additional tools to comply with regulatory requirements.
With Mastercard’s Cross-Border Services, participating banks can offer international payments in more than 60 currencies to over 100 markets covering 90% of the world’s population.
Cross-Border Services Express allows financial institutions to enter the market quickly, minimize transaction risks, and deliver the modernized payment experience that consumers and SMEs demand.
Mastercard is working with Fable FinTech and Payall Payment Systems to provide this fast-to-market solution. According to Mastercard’s 2022 Borderless Payments Report, three-quarters of consumers who send and receive cross-border payments use mobile apps, but transparency and costs remain a challenge.
SMEs are particularly affected, with 39% of respondents stating that cross-border payments slow their supply chain. Cross-Border Services Express will allow financial institutions to meet the needs of SMEs for an efficient and digital cross-border payment solution that they can rely on to pay their employees, suppliers, and partners quickly and predictably.