Remove Correspondent Bank Remove Near Real-Time Remove SWIFT
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Mastercard Transforms Cross-Border Payments for Banks With Industry-First Innovation

Fintech Finance

Mastercard introduced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate near real-time, predictable and transparent commercial cross-border payments. Fully compatible with existing correspondent banking arrangements between respondents and correspondents.

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IBM, SWIFT Cap X-Border Payments Initiatives       

PYMNTS

The process integrates the World Wire API into banks’ payment systems. The company said that the Blockchain World Wire can simultaneously clear and settle cross-border payments in near real time. … It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”.

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Mastercard to Offer Real Time Cross-Border Payments for Commercial Clients

Finovate

The new commercial payments tool leverages a multi-rail system that includes SWIFT, Visa Direct, and Mastercard’s proprietary networks. Move Commercial Payments offers features like liquidity management, integration with existing SWIFT systems, and helps to reduce counterparty risk.

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New Mastercard Move Commercial Payments Solution Addresses Cross-Border ‘Pain Points’

The Fintech Times

Payments giant Mastercard has launched a new cross-border payments solution in a move to simplify operations, optimise liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their customers.