BMO boost cross-border payments with Mastercard Send

Mastercard and BMO Bank of Montreal have announced that BMO will begin implementing Mastercard Send to deliver international payment services to its Canadian-based business and commercial banking clients.

BMO said with this move it joins a growing list of global banks working alongside Mastercard to offer their clients a “better way to send money around the world.”

Mastercard Send will enable BMO clients the ability to send cross-border payments in more than 75 countries.

“Consumers today expect quicker access to their funds, but businesses face numerous challenges when making cross-border payments,” said Brian Lang, President of Mastercard in Canada.

“Mastercard Send helps banks modernise their cross-border services and deliver a better experience for their clients.”

Mastercard Send is an interoperable global platform that enables funds to be sent via three payment flows: disbursements (payments from governments, businesses, and non-profits to consumers),  domestic P2P (payments between two consumers in one country cross-border) and P2P (payments between two consumers in different countries).

The announcement said that initially the partnership focus primarily on bank account transfers but both firms hope it will expand to include payments to mobile wallets and cards internationally.

“BMO has a long history of serving cross-border customers across a wide range of industries, and our capabilities and experience in this area are a key differentiator for us,” said Sharon Haward-Laird, Head, North American Treasury & Payment Solutions, BMO Bank of Montreal.

“As a result, we have a deep understanding of the complexities involved in running a cross-border business, including as it relates to payments, and this latest offering with Mastercard Send reflects our commitment to providing customers with solutions that deliver against their changing expectations and needs.”