Cross-border payments are an increasingly necessary part of any global enterprise. They provide the ability to quickly and securely transfer funds around the world. Enabling these transactions requires the right infrastructure and partnerships. Consumers receive payments efficiently, within a reasonable period of time, and with minimal cost.
A new partnership between Mastercard and Paysend will enhance the current cross-border payment experience for consumers worldwide. A recent article from Finextra reported that the collaboration will leverage their combined resources and networks. This will facilitate both the sending and receiving of payments in “near real-time.” These funds can be transferred directly into bank accounts and a host of cards in various networks.
Ukraine is the first country that is receiving the benefits from this near real-time payment solution. Inga Andreieva, General Manager of Mastercard Ukraine and Moldova said: “It is our critical role as a technology company to harness modern payment technologies in a way that helps to address the most urgent needs of our consumers. Today, Mastercard and Paysend’s partnership is already enabling Ukrainians to seamlessly receive payments to their cards from friends or family around the world, and we believe it will bring even more cross-border payment opportunities to our consumers further.”
Mastercard and Paysend will expand these services into other countries. Accomodating real-times payments is more important than ever. The reason both consumers and business stand to benefit has been covered here.
“One can look back to the 2014 plan to facilitate remittance flows from the G20 as one of the foundational initiatives to improve remittance costs,” said Steve Murphy, Director of Commercial Payments at Mercator Advisory Group. “Part of the responsibility of participating countries is to issue periodic reports on sovereign progress. There are also other innovations efforts underway through fintech partnerships and this is just another example of the ongoing improvements to cross-border access and speed.”
