Mastercard announces new product innovation, Mastercard Move Commercial Payments, enabling banks to facilitate near real-time, predictable and transparent commercial cross-border payments.
The new solution, revealed in Beijing at the annual Sibos conference, aims to simplify operations, optimize liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their customers.
According to data from McKinsey, cross-border payments have been growing at double-digit rates as businesses expand their supply chains and operations internationally.
Despite this, banks still grapple with several pain points that are passed on to their business customers in the form of slow and unpredictable cross-border payments that need more pricing transparency.
Mastercard Move Commercial Payments aims to address existing challenges and innovatively capitalize on opportunities in commercial cross-border payments.
The product is part of the Mastercard Move portfolio of money transfer capabilities. It has been piloted in the UK with Lloyds Banking Group and UBS, using Fnality International as the settlement venue. Mastercard believes this new product will help banks generate new revenue streams, reduce risk, and improve services for their corporate customers by providing a more efficient and transparent cross-border payment system.
