Mastercard unveiled Mastercard Move Commercial Payments, an industry-first innovation designed to enable banks to facilitate near real-time, predictable, and transparent commercial cross-border payments. The new solution was revealed in Beijing at the annual Sibos conference.
This product aims to simplify operations, optimize liquidity, reduce counterparty risk, and provide end-to-end visibility for banks and their business customers. Cross-border payments are a high-growth area, expanding at double-digit rates as businesses globalize their supply chains.
Mastercard Move Commercial Payments seeks to address existing challenges such as slow and unpredictable payments lacking pricing transparency. A pilot program is already underway in the UK with Lloyds Banking Group and UBS, utilizing Fnality as the settlement venue for around-the-clock transfers.
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