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Mastercard introduced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate nearreal-time, predictable and transparent commercial cross-border payments. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.
It combines Mastercards digital payments technology and several of its value-addedservices with enhanced features from leading partners that provide transparency, automation, and security. The new offering will be available in the U.S. initially, with plans to scale globally.
The needs of the SMB, as a banking segment, are still underestimated,” Knievel said, adding that banks can offer real, value-addedservices by helping them optimize cash processes. There’s an added advantage in serving the individual and the SMB with equal digital aplomb, said Knievel.
However, in its latest report, only a handful of existing real-time payments programs that support B2B transactions scored a 4 on the innovation scale, meaning the program “meets some features maximizing customer value.”. This scheme supports nearreal-time transactions and, like Denmark’s, operates 24/7.
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