In a strategic move, Infosys partners with Mastercard to integrate Mastercard Move into Finacle, facilitating fast, secure cross-border payments across 200+ countries and 150+ currencies.
What is Mastercard Move?
Mastercard Move is an advanced suite of money transfer solutions by Mastercard, enabling secure and near real-time transactions domestically and internationally. It caters to banks, non-bank financial institutions, direct disbursers, corporate, and retail customers, covering over 95% of the world’s banked population.
Significance of the Infosys Partnership
- Integrating Mastercard Move with Infosys Finacle streamlines cross-border transactions.
- It enables financial institutions to access advanced capabilities swiftly.
- Enhances customer experience with faster and reliable payments.
- Improves risk management, cost control, and liquidity handling for institutions.
- Strengthens digital banking ecosystems by offering real-time cross-border services.
Global Remittance Context
Remittances, driven by migration flows, digital adoption, and economic development, are expanding rapidly. Asia, especially India and neighboring countries, stands out as a significant region for remittance inflows, benefiting from such fintech collaborations.
Key Takeaways for Competitive Exams
- Mastercard and Infosys collaborate to enhance cross-border payments.
- Mastercard Move offers secure and real-time money transfer solutions.
- Integration with Infosys Finacle aims to streamline global transactions.
- Remittances are rapidly growing, especially in Asia, driven by digitalization.
