Mastercard and the Bank of Shanghai announced businesses anywhere in the globe can now send payments to China more efficiently.
Business customers around the world can now leverage Mastercard Cross Border Services to send payments to any local bank in China.The partnership is expected to reduce the transaction costs and provide access to real-time exchange rates against Chinese Yuan, with minimal documentation.
Stephen Grainger, EVP, New Payment Platforms at Mastercard comments: “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 comments: “Cross-border financing has always been a core offering of Bank of Shanghai and the current climate has led to a heighted customer demand for this service. Now, more than ever, it is critical for us to support our customer’s international trade requirements, ensuring efficient and timely cross-border payments. 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.”
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.
