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Mastercard launches Mastercard Move Commercial to support banks

By Gloria Mathias

October 23, 2024

  • Bank Payments
  • Banking Launch
  • Banking Payments
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Mastercard, Spire, Mastercard Move Cross border Payments, Commercial Payments, Banking payments, Banking Launch, Banking technology, Bank Payments, USA, Global Payments, Mastercard has announced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate near real-time, predictable, and transparent commercial cross-border payments.

The new solution, revealed in Beijing at the annual Sibos conference, aims to simplify operations, optimise liquidity, reduce counterparty risk, and provide end-to-end visibility for banks and their customers. Mastercard Move Commercial Payments aims to innovatively address existing challenges and capitalise on opportunities in commercial cross-border payments.

Key features include:

  • Near real-time payments, 24 hours a day, 365 days a year, to help banks transform corporate trade payments and intra- and inter-company treasury flows where working capital efficiency is crucial.
  • Settlement options to give banks more flexibility to optimise liquidity efficiencies with no impact on FX and deposit-related bank revenue.
  • Multilateral arrangements are embedded to reduce counterparty risk and provide outcome certainty on end-to-end transaction clearing in near real-time.
  • Leverages banks’ existing investments in Swift messaging infrastructure, with a single technical connection that allows corridors and currencies to be added with minimal cost and resources.
  • Fully compatible with existing correspondent banking arrangements between respondents and correspondents. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.
  • Value-added services tailored to a bank’s unique needs, including innovative risk control services and fraud analytics.

Alan Marquard, Head of Transfer Solutions at Mastercard, shares, “By powering fast, predictable, and transparent payments, Mastercard Move Commercial Payments will bring what is already the norm in domestic payments to the commercial cross-border payment space.”

“Our latest product innovation aims to directly address the pain points that are currently affecting the commercial cross-border payments market. By shifting to this new model, they will be empowered to generate new revenue streams while reducing risk and enhancing the offering for their corporate customers.”

Mastercard Move Commercial Payments is part of the Mastercard Move portfolio of money transfer capabilities that enables people and businesses to move funds quickly and securely, both domestically and internationally.

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