Latest news with #MastercardMove
Yahoo
05-05-2025
- Business
- Yahoo
MoneyGram introduces API to bridge cash and crypto with ease
Payments network MoneyGram has unveiled MoneyGram Ramps, an API aimed to facilitate cash-to-crypto and crypto-to-cash services via a single integration. This initiative is designed to connect digital wallets, exchanges, and fintech applications with MoneyGram's worldwide cash network, allowing for the incorporation of crypto on/off-ramp functionality on a global scale. With this API, developers can enable cash deposits in over 30 countries and cash withdrawals in more than 170 countries via MoneyGram's network. MoneyGram Ramps aims to streamline integration processes, lowering deployment time from months to minutes. The setup for a sandbox environment, which previously took up to 15 days, can now be completed in approximately five minutes, the company press release stated. The API offers immediate credentials, sandbox access, and thorough documentation, alongside software development kits (SDKs), all accessible via Leveraging the Stellar blockchain and Circle's USDC, alongside MoneyGram's international network, MoneyGram Ramps acts as a conduit between physical and digital currencies. MoneyGram CEO Anthony Soohoo "With this launch, MoneyGram is quickly becoming the connective tissue between traditional finance and the digital economy. We've taken the complexity out of integration, opening the door to seamless connection with the world's largest cash on/off-ramp for digital wallets." "Our vision is a world without financial borders. That's why we focus on building simple, powerful tools that remove barriers to the global economy and level the playing field for all." This development comes on the heels of MoneyGram's collaboration with Mastercard to implement Mastercard Move, which is focused on enhancing the digital movement of money both within the US and across borders. "MoneyGram introduces API to bridge cash and crypto with ease " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
30-04-2025
- Business
- Yahoo
Mastercard takes around 3% stake in Corpay's cross-border business
Mastercard and Corpay have expanded their alliance, aiming to enhance corporate cross-border payment solutions available to financial institutions and their customers. This collaboration simplifies access to payment choices, including both carded and non-carded options suitable for all transaction sizes. Under the new agreement, Mastercard will invest $300m for a nearly 3% equity stake in Corpay's cross-border business, valuing the unit at $10.7bn. Corpay will become the 'exclusive' provider of currency risk management and integrated large-ticket cross-border payment solutions to Mastercard's financial institution customers. Furthermore, the partnership will see an extension of their virtual card collaboration, with Corpay exclusively offering Mastercard virtual card programmes to its clientele. Mastercard's Move service, which focuses on disbursements and remittances for small-ticket transactions, will now be available to small and mid-sized businesses across new markets, including existing Corpay customers. Corpay's Cross-Border business provides services to banks, institutional investors, and businesses to mitigate foreign exchange exposure. Mastercard chief commercial payments officer Raj Seshadri said: 'This represents the natural extension of our commercial cross-border solutions. Our work with Corpay expands our reach into the large and growing cross-border B2B payments space helping our financial institution partners deliver on the non-carded needs of their commercial customers, simply and efficiently.' Corpay CEO and chairman Ron Clarke stated: 'We're incredibly excited about this investment and new partnership with Mastercard. We expect Mastercard's sponsorship of our cross-border solutions will accelerate our financial institution revenue build.' The payments platform and network of Corpay enable the processing of large ticket and mass payments in over 160 currencies globally. Mastercard Move's cross-border services extend reach to more than 10 billion end points in over 200 countries, supporting delivery channels and payment types. Recently, Mastercard introduced new global stablecoin acceptance and payment capabilities, ensuring that individuals and businesses can carry out stablecoin transactions "anytime" and "anywhere". "Mastercard takes around 3% stake in Corpay's cross-border business " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
29-04-2025
- Business
- Yahoo
Mastercard launches stablecoin payment capabilities
Mastercard has unveiled new global stablecoin acceptance and payment capabilities to ensure that individuals and businesses can conduct stablecoin transactions 'anytime' and 'anywhere'. This initiative encompasses services including Wallet enablement, card issuing, merchant settlement, on-chain remittances, and the enhancement of payment and commerce applications. The payments giant has forged partnerships with crypto-native companies such as MetaMask, Kraken, Gemini, Bybit, Binance, Monavate, and Bleap. These collaborations enable consumers to utilise stablecoins in their crypto wallets for payments and to earn rewards through traditional cards at Mastercard-accepting merchant locations worldwide. Additionally, Mastercard Move allows for the withdrawal of stablecoins into bank accounts. In collaboration with OKX, Mastercard is launching the OKX Card, granting customers access to their funds and exploring new avenues to engage with digital assets. This partnership leverages OKX's expertise in crypto trading and the Web3 ecosystem to onboard more users into the digital asset space. Mastercard is also partnering with Nuvei and Circle to offer merchants the option to receive payments in stablecoins such as Circle's USDC, and is working with Paxos to extend this functionality across Paxos-issued stablecoins. The Mastercard Crypto Credential initiative addresses user experience challenges by enabling crypto exchange users to transact digital assets using usernames. Companies such as Wirex, Bit2Me, Lirium, Notabene, and Mercado Bitcoin have already integrated into the Mastercard Crypto Credential ecosystem. The Mastercard Multi-Token Network (MTN) is designed to facilitate real-time payments and redemptions, allowing partners like Ondo Finance to utilise on-chain tokenised assets. JPMorgan Chase and Standard Chartered have connected to MTN, linking deposit accounts to digital asset applications. Mastercard chief product officer Jorn Lambert said: 'We believe in the potential of stablecoins to streamline payments and commerce across the value chain. Unlocking this is core to how we navigate the rapidly changing world, giving people and businesses the freedom they want by providing the choices they deserve.' This follows Mastercard's introduction of a new programme to accelerate the adoption of virtual cards to ease commercial payments between banks, platforms, and corporates. "Mastercard launches stablecoin payment capabilities " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Forbes
29-04-2025
- Business
- Forbes
Mastercard Takes Corpay Cross-Border Payments Stake In Partnership
Mastercard and Corpay have today announced a partnership that sees Mastercard take a minority stake and invest in Corpay's cross-border payments business while bolstering the capabilities of the Mastercard Move platform. Under the agreement, which follows previous collaboration between the companies, Mastercard is paying $300m for an approximately 3% stake in Corpay's cross-border payments business, representing an enterprise valuation for the unit of $10.7bn. This is the first time a material outside investment has put a value on the cross-border payments division. The investment is accompanied by increased collaboration between the two companies, including the exclusive provision of some services. Corpay will become the exclusive provider of currency risk management and integrated high-value cross-border payments solutions to Mastercard's financial institution clients. Meanwhile, Mastercard will become the exclusive provider of virtual card solutions to Corpay's customers. The agreement also sees Mastercard broaden the reach of its Mastercard Move payments platform to a greater number of small and medium-sized businesses in markets it has not previously served, including existing Corpay customers. Pairing one of the industry's biggest non-bank corporate payments providers with one of its largest payments platform providers, the collaboration has the potential to significantly bolster both companies at a time when trade uncertainties are bolstering demand for more complex corporate payment solutions. 'This partnership is designed to give financial institutions and their corporate customers easy access to end-to-end cross-border payments options, including card and account-to-account solutions for all ticket sizes,' explains Pratik Khowala, Global Head of Transfer Solutions, Mastercard. 'Cross-border is a huge, growing opportunity, and there are still a lot of pain points to be solved by industry leaders.' As a provider of payment solutions to leading financial institutions, Mastercard Move has built a strong presence in the consumer remittances space, where banks have come to see the service as a means of retaining customer loyalty by providing solutions that can compete with non-bank competitors. 'Mastercard Move has a global network and proven success in push-to-card and account-to-account disbursement and remittances, serving consumers as well as SMBs,' says Khowala. However, banks are increasingly looking to do the same for corporate payments, where they are losing business to non-bank providers with sophisticated capabilities not required by consumer or SMB customers. 'They want to serve their customer end–to–end because if the customer goes to another provider for cross-border payments, it's not only about losing the revenue stream for that particular service but it's more about losing their loyalty and affinity with the bank,' says Khowala, adding that most of Mastercard Move's clients are 'interested in having one simplified solution across all their consumer and corporate segments'. In partnering with Corpay, Mastercard is significantly increasing its ability to support its clients' corporate payments needs, in part through greater capacity to support large-value payments and increased vertical integration, but also through hedging and risk management solutions. 'Mastercard has come to the realization that they need a more fulsome solution from a cross-border perspective to really capture flow and win that volume and we answer that capability for them,' says Mark Frey, Group President, Corpay Cross-Border Solutions. Allowing clients to set future cross-border payments at a fixed foreign exchange rate, risk management solutions have long been in demand among corporate customers, but are increasingly becoming a must for larger businesses, particularly in light of recent market volatility. 'In remittances, you only look at spot trades: nobody's thinking about buying forward or options. But when you have to make high value trade payments and you have to lock your date for certainty, that becomes a lot more interesting for SME and B2B,' says Khowala. While Tier 1 financial institutions may have some in-house solutions, the partnership does allow Mastercard Move to support them on more exotic corridors where the platform already has a presence, and which in some cases are seeing growing demand as a result of changing trade flows. However, it presents a particular opportunity for Tier 2 and below financial institutions who have fewer capabilities in this area. 'Being able to manage the FX risk that comes from payments from an institutional interbank perspective at scale is super important, but we also find the Tier 2 to Tier 6 financial institutions are also looking to bolster their own FX risk management capability and acumen,' explains Frey. 'There's a significant opportunity to sell downstream into those corporate relationships – to the wholesale product, the treasury function, ultimately those financial institutions – but also to assist them with upselling their value proposition to their downstream corporate customers.' Representing a 20x forward EBITDA multiple, the $10.7bn enterprise valuation of Corpay's cross-border payments division provides the first public, independent valuation for the unit. By contrast, at the time of writing – before the announcement was made public – Corpay's business as a whole had a market cap of $22.3bn. This gives the unit's valuation a larger share than that of its respective revenue and profitability. By investing in Corpay, Khowala says Mastercard has 'put credibility to the seriousness of the commercial partnership' and ensured that the companies' interests remain allied in the 'medium to longer term'. Frey, meanwhile, sees the selection of Corpay as an exclusive partner as an 'endorsement' of the company that it is 'certainly very respectful of', but also provides a significant commercial benefit for the company as it continues to build its presence in the corporate payments space. 'It represents a very attractive commercial opportunity for us, partnering with Mastercard to sell our capability to Tier 2 through Tier 6 financial institutions,' he says. 'The combined go-to-market capability of the two organizations, the existing footprint that Mastercard has, for us to continue to bolster their efforts to build a cross-border business and our share in those economics make this a very attractive commercial partnership.' The partnership is highly unusual within the industry, representing a pairing between two publicly traded companies, however Khowala believes 'the timing is right'. 'We can always build things organically, but it takes time and our customer need is here and now,' he says. 'The two brands are recognized leaders in our respective segments of cross-border money movement. Financial institutions and corporate customers have come to trust the value they receive from each organization. Bringing these two brands together will help financial institutions to serve their end customers more efficiently.' While the move is, as Frey puts it, the 'next natural step' for the two organizations, it comes at a time when a long-standing focus on reducing cross-border friction has shifted from focusing on the consumer space in favor of business payments. 'There has been a lot more progress made on the remittances side where the solutions are coming, the reach is happening, but on SME and large corporate there is still a significant gap,' says Khowala. 'Trade payments still take a long time – sometimes three to five days – and FX rates are not as transparent as you would like.' There are also varying needs depending on the industry, as well as specific capabilities beyond risk, such as payment collections, that are not required on the consumer side. However, the current macroeconomic environment is also adding to the opportunity currently developing in the corporate cross-border payments space. 'The macro environment keeps changing and we need to be as flexible as we can to serve those customers,' says Khowala. 'An end-to-end suite of cross-border payment solutions, combined with all the insights and services that Mastercard brings, will provide our customers with more choices and help them be more informed as they navigate the macroeconomic uncertainty.'
Yahoo
24-04-2025
- Business
- Yahoo
VoPay rolls out cross-border payments-as-a-service solution
Fintech company VoPay has launched its cross-border payments-as-a-service solution, aimed at helping software platforms and financial institutions conduct global financial transactions without their own cross-border payment infrastructure. The platform supports a variety of transaction types including B2B, B2P, P2B, and P2P, in more than 140 countries and supports various disbursement methods, the company release said. With VoPay's solution, businesses can embed the experience with UI components and APIs. Additionally, they can launch a turnkey solution in 'less than two weeks', or leverage no-code services via VoPay's dashboard. The solution is designed for vertical SaaS platforms, digital marketplaces, ERP providers, payroll platforms, as well as financial institutions. It includes embedded payment capabilities, a 'real-time' FX engine, built-in KYC, KYB, AML, and global sanctions screening, multi-party settlement, and white-label flexibility. Commenting on the development, VoPay CEO and founder Hamed Arbabi said: 'This new solution gives our partners the ability to offer world-class international payment experiences, boosting their revenue streams while supporting their customers with faster, smarter, and safer transactions.' 'With this solution, our partners can quickly expand into global markets and deliver a modern, secure payment offering—without the need to build or maintain the underlying infrastructure.' Last year, VoPay partnered with Mastercard to facilitate choice, simplicity, and efficiency for near-real-time money movement both within Canada and internationally. The agreement utilises Mastercard Move. "VoPay rolls out cross-border payments-as-a-service solution " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
