Stew Cofer’s Post

An important development today in our efforts to become the leading enterprise payments provider in Europe.

📣 How Citigroup and Mastercard Are Shaping the Future of Financial Transactions 📣 Citi and Mastercard have announced a groundbreaking partnership that leverages Mastercard Move, a new money transfer feature combining Cross-Border Services and Mastercard Send. This collaboration aims to enhance international transactions by providing faster, more traceable payments. Citigroup, the first international bank to link to Mastercard Move, will expand its WorldLink Payments Solutions, adding Mastercard debit to its cross-border payment options. This partnership addresses the growing need for speed and traceability in cross-border payments, benefiting corporate, financial institutions, e-commerce, and commercial sectors in 65 origination countries. As the cross-border payments landscape becomes increasingly digitized, this partnership positions Citigroup and Mastercard at the forefront of innovation, offering a competitive edge in the market. Read the announcement here: https://hubs.ly/Q02Tg2sD0 #FinTech #Payments #Citigroup #Mastercard #iKinetiq

J.P. Morgan's decision to join GIE Cartes Bancaires highlights the changing landscape of the payments industry. According to https://lnkd.in/gsdMe2ff This move will provide their merchant clients with lower transaction costs and more flexibility in payment processing. Interesting to see the disruption to typical card networks. As our Insights Guru Nick Holland notes, traditional card networks are facing rising competition. "Incumbents are going to have to diversify their business models significantly, focusing on new opportunities in areas such as cross border and identity management." #payments #fintech #innovation #CartesBancaires #crossborderpayments

📣 How Citigroup and Mastercard Are Shaping the Future of Financial Transactions 📣 Citi and Mastercard have announced a groundbreaking partnership that leverages Mastercard Move, a new money transfer feature combining Cross-Border Services and Mastercard Send. This collaboration aims to enhance international transactions by providing faster, more traceable payments. Citigroup, the first international bank to link to Mastercard Move, will expand its WorldLink Payments Solutions, adding Mastercard debit to its cross-border payment options. This partnership addresses the growing need for speed and traceability in cross-border payments, benefiting corporate, financial institutions, e-commerce, and commercial sectors in 65 origination countries. As the cross-border payments landscape becomes increasingly digitized, this partnership positions Citigroup and Mastercard at the forefront of innovation, offering a competitive edge in the market. Read the announcement here: https://hubs.ly/Q02TgfGY0 #FinTech #Payments #Citigroup #Mastercard #iKinetiq

As a pioneering financial market infrastructure bringing together the safety and institutional-grade quality of central bank money with the functionality and resilience of blockchain technology, Fnality worked alongside Mastercard and our bank customers (Lloyds Banking Group and UBS) to pilot Mastercard Move Commercial.  The result is a near real-time, 24/7 settlement solution that simplifies operations, optimises liquidity, delivers counterparty risk reduction, and provides end-to-end visibility for banks and their customers. This marks another significant milestone for Fnality as it applies blockchain technology to transform wholesale and commercial payments.

RBI has released another set of notifications for Arrangements with Card Networks for issue of Credit Cards 💳 dated March 06 , 2024. RBI has directed card issuers to refrain from entering into agreements that limit them from using other card networks. Additionally, card issuers must offer eligible customers the option to choose from multiple card networks at the time of issuance or renewal. This directive applies to authorized card networks such as American Express, Diners Club, MasterCard, NPCI-Rupay, and Visa. Existing agreements must be amended to comply with these requirements, and new agreements must adhere to them as well. T he directive exempts credit card issuers with fewer than 10 lakh active cards and those issuing cards on their own authorized network. These directions will take effect six months from the date of the circular. #rbi #creditcard #financialinclusion #fintech

Citi and Mastercard have launched cross-border payments to Mastercard debit cards in 14 markets worldwide. This partnership combines Citi's WorldLink Payment Services with Mastercard Move's money transfer capabilities, enabling near-instant, full-value payments with near 24/7 availability. Available to Citi clients across 65 origination countries, the service supports various payment types, including insurance payouts, airline refunds, and on-demand payments to gig-economy workers. The collaboration meets the growing demand for efficient cross-border payment solutions in the digital global economy. By utilizing Mastercard's network of over 3.4 billion cards and Citi's global presence, it aims to simplify international transactions and reduce barriers related to borders and currencies. This initiative aligns with the financial industry's efforts to improve cross-border payment systems, addressing challenges such as high costs, low speed, and limited access. #CrossBorderPayments #FinancialInnovation #DigitalEconomy #GlobalBanking #PaymentTechnology

🚀 Exciting times in the world of cross-border payments! Citi and Mastercard new collaboration is exciting, offering near-instant, 24/7 payments across 14 markets, leveraging Mastercard’s extensive network and Citi’s global reach. This development shows the increasing demand for faster, more efficient, and seamless cross-border transactions. ✅ For Psi Finance, this is a crucial validation of our mission to simplify and accelerate global payments. As a company, it reinforces the importance of building user-friendly, fast, and secure solutions that serve diverse needs—from remittances to e-commerce. We see this as an opportunity to learn, adapt, and further differentiate our offering in the US-Mexico corridor and beyond. Stay tuned—big things are coming! #Fintech #CrossBorderPayments #PsiFi #GlobalPayments #Innovation