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Mastercard launches tool for Cross-Border Payment

Published by
Nonhlanhla P Dube
  • Mastercard has launched a new tool called Cross-Border Services Express that allows financial institutions to establish international payments easily for their customers, including consumers and small and medium-sized enterprises (SMEs). It provides a quick and secure solution for sending money or paying vendors worldwide using a customizable and straightforward digital overlay. The service delivers funds to bank accounts, mobile wallets, cards, and cash payout locations with complete transparency and predictability.
  • The tool aims to address challenges for SMEs, as many respondents to Mastercard’s 2022 Borderless Payments Report reported cross-border payments slowing their supply chain, and suppliers refusing to work with them due to uncertainty over payment times.
  • To provide a seamless user interface to meet customers’ increasing expectations for digital experiences, Mastercard collaborated with leading fintechs Fable FinTech and Payall Payment Systems. In addition, the tool includes supplementary tools to satisfy compliance and regulatory needs. Ripple, the blockchain-based payment protocol, is fighting against the Securities and Exchange Commission’s (SEC) Letter of Supplemental Authority, arguing against the Commonwealth case cited by the SEC as additional authority to reject Ripple’s fair notice defense.

Mastercard recently announced the launch of Cross-Border Services Express, a new tool that allows financial institutions to establish international payments for their customers, including consumers and small and medium-sized enterprises (SMEs), easily. Cross-Border Services Express provides a quick and secure solution for sending money or paying vendors worldwide using a customizable and straightforward digital overlay. The service delivers funds to bank accounts, mobile wallets, cards, and cash payout locations with complete transparency and predictability.

By using Cross-Border Services Express, participating financial institutions can offer their customers international payments in over 60 currencies across more than 100 markets, covering 90% of the world’s population. The service aims to address challenges for SMEs, as many respondents to Mastercard’s 2022 Borderless Payments Report reported cross-border payments slowing their supply chain, and suppliers refusing to work with them due to uncertainty over payment times.

To provide a seamless user interface to meet customers’ increasing expectations for digital experiences, Mastercard collaborated with leading fintechs Fable FinTech and Payall Payment Systems. Fable FinTech, a Ripple partner, further strengthens this collaboration by leveraging its established network.

In addition, the tool includes supplementary tools to satisfy compliance and regulatory needs. Cross-Border Services Express aims to empower financial institutions and enhance the user experience by reducing transaction risk and delivering a modernized payment experience for consumers and SMEs.

Meanwhile, Ripple, the blockchain-based payment protocol, is fighting against the Securities and Exchange Commission’s (SEC) Letter of Supplemental Authority, arguing against the Commonwealth case cited by the SEC as additional authority to reject Ripple’s fair notice defense. Ripple’s defense team highlighted that the two cases are not comparable and that the Commonwealth case does not provide additional authority for the SEC to reject Ripple’s fair notice defense. Ripple cited the Upton case as binding precedent that ruled in favor of the defendant’s fair notice defense. Ripple maintained that reasonable market participants did not consider XRP an “investment contract.”

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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