Citi is working with Mastercard to enable clients to make real-time cross-border payments to debit cards.
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Citi is the first bank to tap Mastercard Move, enabling its clients to make near-instant, full-value payments, with near 24/7 availability, to consumers using their Mastercard debit card details.
Mastercard says the service has a host of use cases, such as insurance payouts, airline refunds and on-demand payments to freelance and gig workers.
Initially, it will be offered to firms in the corporate, financial institution, e-commerce and commercial sectors from 65 origination countries and to 14 receiving markets.
Alan Marquard, head, transfer solutions, Mastercard, says: “By powering fast and secure cross-border transfers to Mastercard debit cards, our collaboration with Citi marks a significant milestone in bringing the ease and simplicity of domestic payments to the cross-border payment space.”
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