Today Mastercard announced Standard Chartered Bank as the most recent major bank integrating the Mastercard Send service to broaden their cross-border payment services. Standard Chartered Bank joins a growing list of global financial institutions partnering with Mastercard to offer their customers a faster, more efficient and more cost-effective way to send money around the world.
A first-of-its-kind push payments service, Mastercard Send helps banks modernize their cross-border services to drive an improved experience for consumer and corporate end-users. Send uniquely offers reach to more than three billion bank accounts globally, and can send funds to both card and non-card endpoints including mobile wallets and cash-out locations in over 100 countries.
“Mastercard is delighted to be extending our long-standing partnership with Standard Chartered Bank to revolutionize the way in which money moves globally,” said Jorn Lambert, Executive Vice President of Digital Channels and Regions at Mastercard. “For many years, banks have used the Mastercard network for card payments. Now with Mastercard Send, we are expanding our network to enable banks to meet the increasing global payments needs of both their consumer and corporate customers.”
Standard Chartered Bank will deploy Mastercard Send across multiple countries in Middle East and Africa as part of their international payments services. According to Jaydeep Gupta, Regional Head of Retail for Middle East, Africa and Pakistan, Standard Chartered Bank, “As our customers’ banking and business needs have become more diverse and global, it is essential that we provide solutions that help them safely and quickly move money around the world. We see our partnership with Mastercard, and our use of Mastercard Send, as critical components to ensuring our customers’ satisfaction with the services we offer.”
For banks partnering with Mastercard, technical integration with Mastercard Send is streamlined through an easy-to-use API, one of more than 35 APIs available through the Mastercard Developers portal. Backed by the Mastercard network, banks further benefit from simplified settlement as well as Mastercard network and compliance expertise.