Cross-border payment speeds boosted through collaboration between Infosys Finacle and Mastercard
In a significant move to revolutionise banking, Infosys Finacle, led by CEO Sajit Vijayakumar, has announced a commitment to improving saving, paying, borrowing, and investing experiences for customers worldwide. This commitment is being realised through a strategic partnership with Mastercard.
The partnership establishes a streamlined pathway for financial institutions to deploy Mastercard Move's cross-border payment solutions. Mastercard Move, a portfolio of money movement capabilities, aims to enable banks to deliver fast and secure cross-border experiences for all customer segments. This collaboration reaches customers across more than 200 countries, 150+ currencies, and over 95% of the world's banked population.
Salil Parekh, CEO and Managing Director of Infosys, and the driving force behind Infosys Finacle, expressed that the partnership brings together their platform with Mastercard's unmatched capabilities in global money movement. The engagement between the two entities combines the agility of Infosys' composable banking platform with Mastercard's global money movement capabilities.
Pratik Khowala, EVP and Global Head of Transfer Solutions at Mastercard, stated that the partnership provides financial institutions with easy access to Mastercard Move's capabilities. This collaboration is expected to bring scale, resilience, and efficiency to financial institutions navigating the increasing demand for cross-border remittances and payments.
It's worth noting that the partnership does not appear to be related to digital finance firms being affected by a new UK fraud law. Additionally, the partnership does not seem to involve the implementation of Murex MX.3 for risk management, as mentioned in a separate article.
The partnership aims to enable financial institutions to facilitate fast, secure, and reliable cross-border payments for their customers while enhancing control of risk, operations, costs, and liquidity for themselves. The reduced implementation timelines and resource intensity are expected to make the process more efficient for all parties involved.
Mastercard Move delivers trusted domestic and international transfer solutions, positioning this partnership as a significant step towards a more connected and efficient global financial system. With Infosys Finacle and Mastercard working together, the future of banking looks brighter and more accessible than ever before.
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