In a groundbreaking collaboration, Citi has teamed up with Mastercard to revolutionize cross-border payments. Citi clients can now make near-instant, full-value payments to consumers using their Mastercard debit card details, thanks to the integration of Mastercard Move technology. This partnership marks Citi as the first bank to leverage this service, bringing the simplicity of domestic payments into the cross-border arena.
The innovative service allows consumers to receive funds almost immediately with 24/7 availability, solving long-standing delays in international transfers. Key use cases range from insurance payouts and airline refunds to on-demand gig economy payments. Starting from 65 originating countries, the service covers 14 receiving markets, allowing businesses across e-commerce, corporate, and financial institutions to benefit from this seamless solution.
Alan Marquard, head of Transfer Solutions at Mastercard, notes, “This collaboration with Citi is a major leap toward making cross-border payments as fast and secure as domestic ones.”
The partnership is set to redefine the efficiency of international money movement for industries that require rapid, large-scale transfers, opening a new frontier in the global payments space.
