Citi is partnering with Mastercard to allow clients to make real-time cross-border payments to debit cards.
As the first bank to leverage Mastercard Move, Citi enables its clients to execute near-instant, full-value payments with almost 24/7 availability to consumers by using their Mastercard debit card details.
Mastercard highlights various use cases for this service, including insurance payouts, airline refunds, and on-demand payments for freelancers and gig workers. Initially, it will be available to businesses in corporate, financial institution, e-commerce, and commercial sectors from 65 originating countries to 14 receiving markets.
Alan Marquard, head of transfer solutions at Mastercard, stated, “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.”