{"id":246,"date":"2024-10-21T09:06:00","date_gmt":"2024-10-21T09:06:00","guid":{"rendered":"https:\/\/europe.fintechnews.media\/?p=246"},"modified":"2024-10-21T09:06:01","modified_gmt":"2024-10-21T09:06:01","slug":"mastercard-launches-move-commercial-payments-for-real-time-cross-border-transactions-for-banks-fintech-news-europe","status":"publish","type":"post","link":"https:\/\/europe.fintechnews.media\/?p=246","title":{"rendered":"Mastercard Launches \u201cMove Commercial Payments\u201d For Real-Time Cross-Border Transactions for Banks \u2013 Fintech News Europe"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Beijing &amp; Purchase, New York \u2013 October 21, 2024<\/strong>&nbsp;\u2013 Mastercard has announced the launch of its latest product,&nbsp;<strong>Mastercard Move Commercial Payments<\/strong>, designed to streamline and transform cross-border commercial payments for banks. Revealed at the annual Sibos conference in Beijing, this groundbreaking solution aims to address long-standing challenges in the cross-border payment ecosystem, providing near real-time, predictable, and transparent payment capabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With cross-border payments growing at double-digit rates as businesses expand their global supply chains, banks continue to face numerous operational hurdles, often resulting in slow, unpredictable, and non-transparent transactions for their business customers.&nbsp;<strong>Mastercard Move Commercial Payments<\/strong>&nbsp;seeks to eliminate these inefficiencies, offering a new model for banks to optimize liquidity, reduce counterparty risk, and enhance operational visibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Features of Mastercard Move Commercial Payments Include:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Near Real-Time Payments<\/strong>: Available 24\/7, 365 days a year, facilitating seamless cross-border trade payments and treasury flows, critical for corporate operations where working capital efficiency is paramount.<\/li>\n\n\n\n<li><strong>Flexible Settlement Options<\/strong>: Designed to give banks the flexibility to optimize liquidity without compromising FX and deposit-related revenues.<\/li>\n\n\n\n<li><strong>Multilateral Settlement Arrangement<\/strong>: Embedded to reduce counterparty risk, ensuring near real-time transaction clearing and outcome certainty.<\/li>\n\n\n\n<li><strong>Leverages Existing Swift Infrastructure<\/strong>: Minimal integration costs are required as the solution uses banks\u2019 existing Swift messaging systems, allowing for a smooth implementation with expanded currency and corridor options.<\/li>\n\n\n\n<li><strong>Compatibility with Current Banking Systems<\/strong>: Allows large clearing banks to extend this service to institutional customers with minimal disruption to their existing correspondent banking relationships.<\/li>\n\n\n\n<li><strong>Value-Added Services<\/strong>: Includes tailored risk control solutions and fraud analytics, designed to meet each bank\u2019s unique requirements.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Alan Marquard, Head of Transfer Solutions at Mastercard, highlighted the benefits of the new product, stating, \u201cBy 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. Our latest innovation is directly addressing the pain points that banks and their corporate customers face in cross-border transactions. This shift will not only empower them to generate new revenue streams but also reduce risks while enhancing their offerings.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The solution has already been piloted in the UK with&nbsp;<strong>Lloyds Banking Group<\/strong>&nbsp;and&nbsp;<strong>UBS<\/strong>, utilizing&nbsp;<strong>Fnality<\/strong>&nbsp;as the settlement venue. The pilot demonstrated Mastercard Move\u2019s ability to deliver near real-time, round-the-clock cross-border payments, setting a new benchmark for commercial payment efficiency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Part of the Broader Mastercard Move Portfolio<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mastercard Move Commercial Payments is part of the broader&nbsp;<strong>Mastercard Move<\/strong>&nbsp;portfolio, a comprehensive suite of money transfer capabilities. Mastercard Move enables seamless, secure fund transfers across domestic and international borders, reaching nearly 10 billion endpoints and covering over 95% of the world\u2019s banked population. With Mastercard Move, the company continues to innovate, supporting people and businesses in moving funds quickly, securely, and efficiently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About Mastercard<\/strong><br>Mastercard (NYSE: MA) is a global technology leader in the payments industry, dedicated to fostering an inclusive, digital economy that benefits everyone. Through innovative solutions, partnerships, and secure networks, Mastercard connects individuals, businesses, and governments in over 210 countries and territories, empowering them to realize their greatest potential.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information, visit&nbsp;<a href=\"http:\/\/www.mastercard.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.mastercard.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beijing &amp; Purchase, New York &ndash; October 21, 2024&nbsp;&ndash; Mastercard has announced the launch of its latest product,&nbsp;Mastercard Move Commercial Payments, designed to streamline and transform cross-border commercial payments for banks. Revealed at the annual Sibos conference in Beijing, this groundbreaking solution aims to address long-standing challenges in the cross-border payment ecosystem, providing near real-time, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[20],"tags":[737,167,65,63,785,786],"class_list":["post-246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payments","tag-cross-border-transactions","tag-europe","tag-fintech-news-europe","tag-mastercard","tag-move-commercial-payments","tag-new-product-launch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mastercard Launches \u201cMove Commercial Payments\u201d For Real-Time Cross-Border Transactions for Banks \u2013 Fintech News Europe - Fintech News Europe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/europe.fintechnews.media\/?p=246\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mastercard Launches \u201cMove Commercial Payments\u201d For Real-Time Cross-Border Transactions for Banks \u2013 Fintech News Europe - Fintech News Europe\" \/>\n<meta property=\"og:description\" content=\"Beijing &amp; Purchase, New York &ndash; October 21, 2024&nbsp;&ndash; Mastercard has announced the launch of its latest product,&nbsp;Mastercard Move Commercial Payments, designed to streamline and transform cross-border commercial payments for banks. 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