Mastercard and BMO Bank of Montreal announced Wednesday (April 24) that BMO is implementing Mastercard Send in an effort to deliver faster, cheaper and transparent international payment services in Canada.
In a press release, Mastercard and BMO Bank of Montreal said with the partnership BMO will be able to better serve its Canadian-based business and commercial banking clients. BMO said it is joining a growing list of global banks working with Mastercard to offer their clients a better way to send money internationally.
“BMO has a long history of serving cross-border customers across a wide range of industries, and our capabilities and experience in this area are a key differentiator for us,” Sharon Haward-Laird, head of North American treasury and payment solutions for BMO Bank of Montreal, said in the press release. “As a result, we have a deep understanding of the complexities involved in running a cross-border business, including as it relates to payments, and this latest offering with Mastercard Send reflects our commitment to providing customers with solutions that deliver against their changing expectations and needs.”
BMO said with Mastercard Send it can give clients the ability to send cross-border payments more efficiently and securely to bank accounts in more than 75 countries. Initially, the companies will focus on bank account transfer but will eventually expand to include payments to mobile wallets and cards around the globe.
“Consumers today expect quicker access to their funds, but businesses face numerous challenges when making cross-border payments,” said Brian Lang, president of Mastercard in Canada, in the same press release. “Mastercard Send helps banks modernize their cross-border services and deliver a better experience for their clients.”
According to BMO and Mastercard, businesses of all sizes are becoming increasingly global and as a result, banks will need cost-effective solutions to meet the needs of business customers. Mastercard Send sends funds quickly and securely to both cards and non-cards, including bank accounts and mobile wallets.