⚡️United Kingdom 🇬🇧: Mastercard Launches a Pilot for Cross-Border Commercial Payments

⚡️United Kingdom 🇬🇧: Mastercard Launches a Pilot for Cross-Border Commercial Payments

The new service, called Mastercard Move Commercial Payments, operates almost in real time, available 24/7/365.Lloyds Banking Group and UBS are participating in the project. Here’s a look at some of the key features:

🔠 Flexible settlement options allow banks to optimize liquidity management without impacting foreign exchange and deposit revenue streams.

🔠 The multilateral agreement is designed to lower counterparty risk, ensuring certainty in transaction settlement.

🔠 The SWIFT messaging infrastructure now includes a unified technical connection, allowing new corridors and currencies to be added with minimal resources and costs.

🔠 The solution is fully compatible with existing banking agreements between correspondent and respondent banks, making it easy for large clearing banks to extend services to institutional clients with minimal process adjustments.

🔠 Value-added services (risk management and fraud analysis) have been included, developed to meet each bank's specific needs.

🔠 Context: According to McKinsey, cross-border payments are growing at a double-digit rate as businesses expand their supply chains and global operations. Traditional banking services often can’t keep up...

... but Mastercard is ahead of the curve.

#news #Europe

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