Mastercard and Hamilton Reserve Bank partner to drive secure cross border payments
By Edlyn Cardoza
Hamilton Reserve Bank, the hometown bank of America’s founding father, Alexander Hamilton (born 1755) and the most significant global bank in the region, has partnered with Mastercard to allow fast, secure cross-border payments.
Mastercard Cross-Border Services enables Hamilton Reserve Bank to reach 90% of the world’s population via bank accounts, digital wallets, and cash payout locations worldwide through a single, secure point of access. Mastercard’s capabilities allow the bank to facilitate transparent, safe, certain, and fast payments between people and businesses in over 100 countries and growing. Hamilton Reserve Bank will have real-time payments capabilities in most countries, providing a unique experience for its customers making cross-border payments.
“After onboarding with Mastercard, Hamilton Reserve Bank has successfully demonstrated our advanced fintech capabilities, capital strength, and robust compliance,” said Sir Tony Baldry, the founding Chairman of Hamilton Reserve Bank. “We are proud to have Mastercard as an additional payment channel partner to accelerate customer payments. Hamilton Reserve Bank anticipates processing more than 20,000 transfers per month soon.”
Hamilton Reserve Bank is one of the leading banking institutions authorised in St. Kitts and Nevis to offer Mastercard Cross-Border Services.
“The volume of cross-border payments has significantly increased in recent years with these types of payments playing a crucial role in supporting commerce, people, and economies during the pandemic,” said Dalton Fowles, Country Manager for Jamaica, Barbados, Trinidad and Tobago, and the Eastern Caribbean markets. “We are pleased to be partnering with Hamilton Reserve Bank to continue our growth in the region and support even more people to pay and get paid securely and quickly, wherever they are in the world.”
The partnership with Mastercard allows Hamilton Reserve Bank to augment its existing correspondent banking payment channels. Hamilton Reserve Bank is powered by Straight-Through Processing (STP) from Temenos, one of the world’s largest core banking software. Bank customers benefit from a self-directed, seamless, and secure 24/7 online banking experience.
IBSi Daily News Analysis
September 26, 2023
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