Citi first to launch global payments via Mastercard Move

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Citi has become the first global bank to enable cross-border payments to Mastercard debit cards through Mastercard Move.

This integrated solution allows Citi clients in 65 countries across corporate, financial, e-commerce and commercial sectors to make payments to 14 global markets, with plans for future expansion.

Supporting a diverse range of needs, the solution includes insurance payouts, airline refunds and compensation payments. Additionally, it provides on-demand payments for gig workers and freelancers, along with facilitating e-commerce transactions and customer refunds.

Debopama Sen, Head of Payments at Citi Services, commented: “As the global economy has become increasingly digital, our continued investment in the future of cross-border payments helps us drive innovation at scale for our clients. 

“This collaboration builds on our longstanding relationship with Mastercard and leverages the strength of our global proprietary network, combined with other leading digital wallet and card capabilities to enable our clients to make cross-border payments as though there are no borders, no currencies, no constraints.” 

This collaboration enhances Citi’s payout capabilities, allowing payments to locations across Europe, Asia, Africa, Latin America and domestic transfers within the US.

The bank’s WorldLink Payments Service offers clients the ability to make cross-border payments in more than 135 currencies, in which clients can choose from a variety of payment methods, including traditional wire transfers, ACH, instant payments, digital wallets and now Mastercard debit cards.

Alan Marquard, Head of Transfer Solutions at Mastercard, stated: “Cross-border payments are a key area of growth for Mastercard, and we are constantly innovating to provide payment solutions that better cater to the needs of our global customers. 

“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.”

It has been a mixed couple of months for Citi, with this deal alleviating some of the stress the bank has been under, as of late. 

Last month, Anand Selva, COO of US multinational bank Citigroup, was relieved of his responsibility over its data compliance duties after the bank was fined $136m over risk management failures.