Payments

Mastercard unveils cross-border payments solution

Photo: hodim - stock.adobe.com

October 24, 2024

Mastercardreleased Move Commercial Payments to enable faster cross-border payments. It provides near-real time payments 24/7 to help banks provide better trade payments and treasury flows, according to a press release.

Some of the features include:

• Increased settlement options.
• Compatible with other banking arrangements between respondents and correspondents.
• Risk control and fraud analytics.
• Embedded multilateral arrangement.

"By powering fast, predictable and transparent payments, Mastercard Move Commercial Payments will bring what is already the norm in domestic payments to the commercial cross-border payment space," Alan Marquard, head of transfer solutions at Mastercard, said in the release.