admin Citi (NYSE: C) and Mastercard (NYSE: MA) have announced a strategic collaboration to enhance cross-border payment capabilities, enabling near-instant payments to Mastercard debit cards across 14 receiving markets. This partnership leverages Citi’s WorldLink® Payment Services and Mastercard Move’s money transfer technology, allowing Citi clients to make seamless, full-value payments nearly 24/7 to consumers using their Mastercard debit card details. Citi became the first global bank to offer cross-border payments to Mastercard debit cards via Mastercard Move, utilising the speed, security, and transparency of Mastercard’s payment network.
The integrated payment solution is accessible to Citi clients in 65 origination countries, catering to corporate, financial institutions, e-commerce, and commercial sectors. It addresses a range of use cases, including insurance payouts, airline refunds, gig-economy payments, e-commerce merchant payments, and customer refunds. The collaboration not only simplifies cross-border payments but also ensures they are faster, more efficient, and more accessible for businesses worldwide.
Expanding Global Payment Reach
The collaboration aims to significantly extend Citi’s payout capabilities, with payment destinations covering Europe, Asia, Africa, Latin America, and the U.S. domestic market. Through WorldLink Payment Services, Citi clients can make cross-border payments in over 135 currencies and various payment methods, including traditional wire transfers, ACH, digital wallets, and now, Mastercard debit cards. This comprehensive reach supports diverse global payment needs, ensuring businesses can efficiently transfer funds internationally.
Mastercard’s extensive global network, with over 3.4 billion debit, prepaid, and credit cards issued worldwide as of Q2 2024, enables Citi to expand its global reach, providing access to over 95% of the world’s banked population. Alan Marquard, Head of Transfer Solutions at Mastercard, emphasised that cross-border payments are a growing area for Mastercard, and the partnership with Citi helps bring the simplicity of domestic payments to the international payment space.
Driving Innovation in Cross-Border Payments
Debopama Sen, Head of Payments at Citi, highlighted the collaboration as a step forward in scaling cross-border payment innovations, supporting a digital economy by offering seamless, borderless payment solutions. This partnership reinforces Citi’s commitment to driving global financial connectivity while enhancing the user experience for its clients in an increasingly digital world.
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