Cairo Amman Bank Taps Mastercard Move to Facilitate Cross-Border Payments

Cairo Amman Bank will leverage Mastercard Move’s money movement capabilities to facilitate the movement of funds from Jordan to 37 countries.

The bank will also incorporate Mastercard value-added services like fraud analytics and risk control, the companies said in a Thursday (Jan. 16) press release.

“We aim to address existing challenges in cross-border payments and seize opportunities through innovative solutions,” Cairo Amman Bank CEO Kamal Al-Bakri said in the release. “The collaboration with Mastercard will empower us to elevate our payment capabilities and reinforce our position in Jordan’s financial sector.”

Mastercard Move, which is Mastercard’s portfolio of money movement capabilities, powers personal payments, disbursements, business payments and other payment experiences, according to the release.

It provides access to more than 95% of the world’s banked population, per the release.

“Our partnership with Cairo Amman Bank will be instrumental in bringing convenient and secure cross-border payment solutions to Jordan,” Adam Jones, division president, West Arabia, Mastercard, said in the release. “Together with Cairo Amman Bank, we will provide local businesses and consumers with the confidence needed to navigate today’s global market and allow them to transact internationally with ease.”

Mastercard said in November that it is collaborating with Arab regional payment system Buna to drive faster, cheaper and more transparent cross-border payments in the Middle East and North Africa (MENA) region.

The partnership brings together Mastercard Move’s money transfer capabilities and extensive network with Buna’s cross-border payment system to facilitate cross-border payments into and out of the MENA region.

In October, the company teamed up with Citi to enable cross-border payments to Mastercard debit cards in 14 receiving markets across Europe, Asia, Africa, Latin America and U.S. domestic transfers, with plans to expand it further in the future.

The collaboration leverages Citi’s WorldLink Payment Services and Mastercard Move’s money transfer capabilities.

Mastercard also partnered with Verituity to enable near real-time payments for commercial banks and payers by integrating Mastercard Move with Verituity’s payments platform.

Verituity’s cloud-based, white-labeled payments platform connects banks, businesses and payees to verified payouts and intelligent “pay-by-anything” experiences, allowing payers to offer a customized payout experience that lets payees receive payments the way they want.