Financial services giant Mastercard has announced the completion of the acquisition of global, cross border, account-to-account money transfer network Transfast.
The deal, which was first declared on March 8, 2019, aims to build on Mastercard’s position in the payment ecosystem whilst also provide further transparency and certainty in cross border transactions.
Stephen Grainger, executive vice president, Mastercard commented: “Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally.
“People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”
Mastercard expect adding Transfast to its portfolio will improve speed of transactions and drive its strategy to offer choice to its customers through the expansion of its global network.
Samish Kumar, CEO, Transfast, described the move as a “pivotal day” for the company as they heads towards the “next step in our journey.”
He said: “Mastercard’s global reach complements our own network across over 100 countries, and together we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth.
“Alongside Mastercard, we look forward to developing new innovations and products to support people and businesses to predict and plan when they pay people and get paid, enabling them to thrive.”