- Mastercard introduces Cross-Border Services Express, providing seamless international payments for consumers and SMEs.
- The service covers 90% of the world’s population in over 100 markets and 60 currencies, partnering with Ripple Partner Fable FinTech and Payall Payment Systems.
Easy Integration and Access to Global Markets
Mastercard unveiled Cross-Border Services Express, a groundbreaking tool that allows financial institutions to effortlessly establish international payments for their customers, including consumers and small and medium-sized enterprises (SMEs).
As the demand for improved cross-border payment capabilities grows, this digital-first experience provides a quick and secure solution for sending money or paying vendors worldwide.
Cross-Border Services Express enhances Mastercard’s existing offerings by using a customizable and straightforward digital overlay. It also includes supplementary tools to satisfy compliance and regulatory needs.
According to Alan Marquard, Executive Vice President, Transfer Solutions at Mastercard, the service aims to provide “choice, access, and transparency for payments across borders.”
Empowering Financial Institutions and Enhancing User Experience
Participating financial institutions can now offer their customers international payments in over 60 currencies across more than 100 markets, covering 90% of the world’s population. The service delivers funds to bank accounts, mobile wallets, cards, and cash payout locations with complete transparency and predictability.
Cross-Border Services Express enables financial institutions to enter the market faster, reduce transaction risk, and deliver a modernized payment experience for consumers and SMEs.
In cooperation with leading fintechs Fable FinTech and Payall Payment Systems, Mastercard provides a seamless user interface to meet customers’ increasing expectations for digital experiences. Fable FinTech, a Ripple partner, further strengthens this collaboration by leveraging its established network.
Addressing Challenges for SMEs Despite the strong growth of digital payments, challenges persist regarding transparency and costs. Mastercard’s 2022 Borderless Payments Report reveals that 39% of SME respondents claimed cross-border payments slowed their supply chain, and one-quarter reported suppliers refusing to work with them due to uncertainty over payment times.
Cross-Border Services Express aims to address these issues by enabling financial institutions to offer SMEs a reliable, efficient, and digital solution for international payments. Jane Prokop, Executive Vice President, Small and Medium Enterprises at Mastercard, emphasizes the importance of keeping money flowing for SMEs, as they rely on prompt payments to employees, suppliers, and partners.
Ripple Fights For the Entire Crypto Industry
Ripple, the blockchain-based payment protocol, has responded to the SEC’s Letter of Supplemental Authority, arguing against the Commonwealth case cited by the SEC as additional authority to reject Ripple’s fair notice defense.
Ripple’s defense team has emphasized that the two cases are not comparable and that the Commonwealth case does not provide additional authority for the SEC to reject Ripple’s fair notice defense. Ripple has cited the Upton case as binding precedent that ruled in favor of the defendant’s fair notice defense.
Ripple’s response highlights the extensive evidence presented by Ripple and maintains that reasonable market participants did not consider XRP to be an “investment contract”.