Mastercard Launches New Innovative Solution for Faster Cross-boarder payments.
Mastercard has launched a new product innovation called Mastercard Move Commercial Payments, which aims to enable banks to facilitate near real-time, predictable, and transparent commercial cross-border payments.
The solution, unveiled at the annual Sibos conference in Beijing, seeks to address existing challenges in the growing cross-border payments market, such as slow and unpredictable transactions, lack of pricing transparency and counterparty risk.
Mastercard Move Commercial Payments offers several key features, including 24/7/365 near real-time payments, flexible settlement options, a multilateral arrangement to reduce counterparty risk, compatibility with existing Swift messaging infrastructure and correspondent banking arrangements, and value-added services like risk control and fraud analytics.
The product is part of the Mastercard Move portfolio of money transfer capabilities and 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.
In Related News, Allawee, a digital lending fintech, has introduced Nigeria's first credit-building card in partnership with Mastercard.
The card offers instant credit access to consumers via a secure, physical Mastercard that can be used for purchases at millions of online and in-store merchants worldwide, as well as for cash withdrawals at ATMs.
The Allawee Card offers features such as instant credit approval, wide acceptance, multiple payment options, and flexible repayment terms.
It also reports payments to credit bureaus, helping users build their credit scores.
The card is designed to meet the evolving needs of Nigerian consumers who are increasingly embracing digital payment solutions.
Allawee has partnered with ProvidusBank, Remita, and Mastercard to bring this product to market.
The company plans to roll out the card offering in phases, initially targeting Federal Government Civil Servants and NYSC Corpers, with subsequent phases including consumers from key sectors like FMCG, Manufacturing, and Logistics.