Citi and Mastercard have announced a new collaboration aimed at simplifying cross-border payments. Using Citi’s WorldLink Payment Services and Mastercard Move, Citi clients can now make near-instant payments to Mastercard debit cards in 14 countries, with plans to expand to more markets.
This service is available 24/7 and ensures full-value transfers. Citi is the first global bank to enable such payments using Mastercard Move’s technology.
The solution allows clients to make secure, fast payments across 65 countries. It also caters to various sectors including corporate, financial institutions, e-commerce, and commercial industries.
Common use cases include insurance payouts, airline refunds, compensation payments, gig-economy worker payments, and e-commerce merchant transactions.
Global Expansion of Payment Services with Citi
This collaboration enhances Citi’s Treasury and Trade Solutions (TTS) offering. It gives clients access to seamless money movement capabilities and reaches consumers worldwide through Mastercard’s extensive network.
The partnership will help extend Citi’s payout offerings to more regions. It will span Europe, Asia, Africa, Latin America, and domestic U.S. transfers.
In his remarks, Debopama Sen, Head of Payments, Citi Services stated, “As the global economy has become increasingly digital, our continued investment in the future of cross-border payments helps us drive innovation at scale for our clients.
“This collaboration builds on our longstanding relationship with Mastercard. Moreover, it leverages the strength of our global proprietary network combined with other leading digital wallet and card capabilities.
This enables our clients to make cross-border payments as though there are no borders, no currencies, no constraints.”
Mastercard, with over 3.4 billion cards issued globally as of Q2 2024, brings its vast network into play. The global reach of Mastercard will allow Citi to expand payment solutions worldwide.
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Innovation in Cross-Border Payments
“Cross-border payments are a key area of growth for Mastercard, and we are constantly innovating to provide payment solutions that better cater to the needs of our global customers.
“By powering fast and secure cross-border transfers to Mastercard debit cards, our collaboration with Citi marks a significant milestone in bringing the ease and simplicity of domestic payments to the cross-border payment space,” said Alan Marquard, Head of Transfer Solutions, Mastercard.
The Mastercard Move system provides global money transfer solutions across 180 countries and 150 currencies, reaching over 95% of the world’s banked population.
WorldLink Payment Services, on the other hand, supports payments in over 135 currencies, from traditional wires to instant cross-border payments and digital wallets. This collaboration brings simplicity, speed, and security to international transactions.