Boubyan Bank & Mastercard team to streamline cross-border remittances

By Gloria Methri

Boubyan Bank and Mastercard have partnered to simplify and speed up cross-border remittance payments. Through Mastercard Cross-Border Services, Boubyan Bank customers will have greater choice and flexibility when sending money to destinations around the world.

Mastercard Cross-Border Services is now available on Boubyan Bank’s mobile application, allowing users to seamlessly transfer money. Through a single connection, users can send money in a swift and secure manner to beneficiary bank accounts, mobile wallets, or cash-out points globally.

While previously, customers were only able to send funds through an exchange house, both retail and corporate customers at Boubyan Bank can complete near real-time transfers at competitive rates to over 35 countries any time of the day.

J.K. Khalil, Cluster General Manager, MENA East, Mastercard, said, “Remittances play an integral part in the global economic recovery and are a vital service for those in this region and their beneficiaries around the world. Boubyan Bank joins a growing list of global partners working with Mastercard to offer people and businesses a more certain and secure way to pay and get paid across borders. This partnership further expands our multi-rail proposition through the Mastercard payments matrix as we enable money to be sent how, where, and when people choose.”

Abdullah Al-Mejhem, Chief Consumer & Private Banking Officer at Boubyan Bank, said, “We are pleased to collaborate with one of the world’s largest known companies for instant cross-border transfers such as Mastercard, and what this partnership can provide to our customers in terms of distinguished services when making money transfers to more than 35 countries around the world from while using the Boubyan App.”

Mastercard’s Cross-Border Services enable banks, FinTechs, mobile network operators, and exchange houses to modernize remittances with a network footprint in around 140+ countries and real-time transfers to 40+ countries.