Citi has teamed up with Mastercard to offer clients the ability to make real-time cross-border payments using Mastercard Move. Citi is the first bank to utilize this service, enabling near-instant, full-value payments with almost 24/7 availability. The payments can be directed to consumers using their Mastercard debit card details.
Mastercard outlines several potential use cases for the service, including insurance payouts, airline refunds, and on-demand payments for freelance and gig workers. The service will initially be available to businesses in sectors such as corporate, financial institutions, e-commerce, and commercial services, covering 65 origin countries and 14 receiving markets.
Alan Marquard, head of transfer solutions at Mastercard, stated that this partnership with Citi represents a major step toward bringing the convenience of domestic payments to the cross-border payment environment.