Mastercard recently announced it has partnered with Bank of Shanghai to enable better cross-border business payments in China. Mastercard reported that with its cross-border services, businesses will be able to transfer funds to local banks in China. The service will also reduce transaction costs and access to real-time exchange rates for the Chinese Yuan.
“Mastercard Cross-Border Services enable financial institutions and partners to build flexible solutions that support multiple use cases and can reach a variety of payment endpoints nearly anywhere in the world via a single connection. Mastercard’s platform plays a key role in improving world-wide connectivity and provides innovative payment applications that enable customers with the choice to route transactions over card or account-to-account infrastructure.”
Speaking about the collaboration, Stephen Grainger, EVP, New Payment Platforms at Mastercard, stated:
“China is a critical market for Mastercard’s customers, so we are delighted that Bank of Shanghai will help us advance the modernization of cross-border payments into China. Our Cross-Border Services will enable our global partners to deliver a more convenient, cost-effective and certain payment experience for people and businesses everywhere.”
Huang Tao, Vice Chairman, Bank of Shanghai, added:
“Enabling Mastercard Cross-Border Services will ensure an improved cross-border payment solution with high efficiency, low cost and enhanced compliance. We believe that the Mastercard partnership will have a huge impact on businesses and consumers and will ultimately serve to support the growth of Chinese enterprises globally.”