Cross-border payments receive a significant boost as Citi and Mastercard join forces for a transformative global partnership.

Citi and Mastercard Collaborate to Revolutionize Cross-Border Payments

In a groundbreaking move, Citi and Mastercard have joined forces to simplify and transform cross-border payments. This collaboration extends Citi's presence in the global payments landscape and expands their payout offerings to include destinations in Europe, Asia, Africa, Latin America, and the U.S. domestically.

The service, which is now available to Citi clients across 65 countries in sectors such as corporate, financial institutions, e-commerce, and commercial, offers full-value payments. This means that recipients receive the exact amount without any deductions or delays.

Citi's WorldLink Payment Services now allows clients to make cross-border payments in over 135 currencies through multiple methods, including Mastercard debit cards. Mastercard's extensive network, with over 3.4 billion debit, prepaid, and credit cards issued globally by Q2 2024, further enhances the reach of this service.

Mastercard Move, which reaches over 180 countries and 150+ currencies, with access to over 95% of the world's banked population, provides fast and secure money transfer solutions in addition to Citi's WorldLink Payment Services. Banks partnering with Citi and Mastercard will be able to support Mastercard debit cards in 14 target countries worldwide beyond just cross-border payment handling.

The service is available in more than 14 receiving markets worldwide, with Citi being the first global bank to offer cross-border payments to Mastercard debit cards in these markets. Use cases for the solution include insurance payouts, airline refunds, on-demand payments to freelance and gig workers, and e-commerce payments to merchants.

Alan Marquard, Head of Transfer Solutions at Mastercard, stated that the collaboration marks a significant milestone in bringing ease and simplicity to cross-border payments. He further emphasised that this initiative utilizes Citi's WorldLink® Payment Services and Mastercard Move's money transfer capabilities, with plans for further expansion beyond the current 14 receiving markets.

This collaboration between Citi and Mastercard aims to transform cross-border payments, making them faster, more efficient, and more accessible. The integrated solution is set to revolutionise the way businesses and individuals make cross-border payments, offering a seamless and reliable service for all.

Cross-border payments receive a significant boost as Citi and Mastercard join forces for a transformative global partnership.