Infosys & Mastercard deal to ease global money transfers

 

Infosys has made a strategic partnership with Mastercard to broaden availability of Mastercard Move, the payments firm's suite of money movement products, by interfacing it with Infosys Finacle, the banking solution of its subsidiary, EdgeVerve Systems.

The collaboration is supposed to allow banks to integrate Mastercard's cross-border payment capability quicker and with less effort than through typical integration solutions.

Mastercard Move already handles payments in over 200 countries, in over 150 currencies, and accounts for 95 percent of the world's banked population.

Key Highlights:

• Infosys Finacle will integrate Mastercard Move, enabling faster and easier cross-border payment access for banks worldwide
• The collaboration aims to deliver secure, reliable, near real-time payments while helping financial institutions manage risk, costs, and liquidity
• With Asia receiving nearly half of global remittance inflows, the partnership is expected to significantly benefit banks in the region

Pratik Khowala, Executive Vice President and Global Head of Transfer Solutions at Mastercard, highlighted the importance of the move. “The strategic collaboration with Infosys provides financial institutions with easy access to these capabilities, enabling them to facilitate fast, secure and reliable cross-border payments for their customers while enhancing control of risk, operations, costs and liquidity for themselves. Together with Infosys, we’re helping financial institutions deliver the seamless digital payments experiences today’s customers expect.”

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Dennis Gada, Executive Vice President and Global Head of Banking and Financial Services at Infosys, highlighted how the collaboration meets consumers' needs. "Financial institutions are focusing on innovation in digital payment systems. The sheer number of transactions every day makes it a first-point-of-contact with customers, and the foundation for establishing long-term loyalty. Our partnership with Mastercard to facilitate near real-time cross-border payments is aimed at significantly enhancing the financial experience of the average customer."

The integration is also expected to particularly favor banks in Asia, which receive almost half of all global remittance inflows.