Citi and Mastercard collaborate to enable cross-border payments via debit cards
Citi has joined forces with its existing partner Mastercard to enable clients to complete near-instant, cross-border payments using only their Mastercard debit card details.
Citi strikes cross-border payments partnership with Mastercard
The collaboration will leverage the bank’s WorldLink Payment Services, which support over 135 currencies, and the money transfer capabilities of Mastercard Move, the network’s digital payments platform for banks, non-bank financial institutions and direct disbursers.
Citi clients will be able to utilise this combination to make cross-border payments from 65 origination countries to 14 receiving markets, with “further expansion” planned. However, they must be located in Mastercard-approved markets to do so.
At present, these include Croatia, Czech Republic, Denmark, Hungary, Israel, New Zealand, Peru, Poland, Romania, Singapore, South Africa, Turkey, the UK and the USA.
The technology can support the likes of insurance payouts, airline refunds, compensation payments, on-demand payments for the gig economy, and e-commerce payments, according to a joint statement.
This news comes shortly after Citi’s recent agreement to sell its global fiduciary and trust administration business, Citi Trust, to US-based wealth services provider JTC for approximately $80 million.
