This collaboration will offer financial institutions streamlined onboarding and enhanced access to Mastercard Move and its cross-border payments capabilities, Infosys and Mastercard said in a Thursday (Aug. 28) press release.
With the new integration, financial institutions will be able to gain access to these cross-border capabilities with a “fraction” of the time and resources usually required for integration projects, the release said.
Mastercard Move’s money transfer solutions are fast and secure, both domestically and internationally, and reach more than 200 countries and 150 currencies, per the release.
“This engagement with Mastercard Move brings together the agility of our composable banking platform with Mastercard’s unmatched global money movement capabilities — empowering banks to deliver fast and secure cross-border experiences for every customer segment,” Infosys Finacle CEO Sajit Vijayakumar said in the release.
Pratik Khowala, executive vice president and global head of transfer solutions at Mastercard, said in the release that this partnership will help financial institutions “deliver the seamless digital payments experiences today’s customers expect.”
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“The strategic collaboration with Infosys provides financial institutions with easy access to these capabilities, enabling them to facilitate fast, secure and reliable cross-border payments for their customers while enhancing control of risk, operations, costs and liquidity for themselves,” Khowala said.
Mastercard reported in May that Mastercard Move had seen transaction growth of 35%, driven by payment use cases like disbursements and payouts in the gig economy space.
Chief Financial Officer Sachin Mehra said at the time during an earnings call that cross-border volumes were up 15%, “in line with expectations and reflecting continued growth in both travel- and non-travel-related cross-border spending.”
In another, separate partnership, Mastercard announced in April that MoneyGram implemented Mastercard Move to facilitate digital money movement domestically and across borders.
At the time, that integration allowed MoneyGram customers to use any U.S.-issued Mastercard card to send funds to 38 eligible receiving markets and receive money through nearly 10 billion additional endpoints around the world. The companies said they planned to increase the number of receiving markets throughout the year.
In March, Mastercard began offering its money transfer solutions through Jack Henry’s Rapid Transfers service, allowing for “near-real time” money movement via Mastercard Move.
