Mastercard and the Saudi British Bank (SABB) have announced a collaboration to offer customers a faster, simpler, and more secure way to make international payments. Through Mastercard Send for Cross-Border, a push-payments platform that allows for real-time fund transfers, SABB customers will soon be able to send money to more than 100 countries and reach around 90 percent of the world’s population.
Mastercard Send for Cross-Border caters to the needs of both individuals and businesses. SABB customers will now be able to make transfers to all card and non-card destinations, including bank accounts, mobile and digital wallets and ATMs, allowing for secure delivery of funds both domestically and internationally.
J.K. Khalil, general manager, Saudi Arabia and Bahrain, Mastercard, said: “The ability to make cross-border payments has never been more important, especially as Saudi Arabia works toward its vision of becoming a global model of excellence and connects its digital economy to the world. The ability to make fast, frictionless cross-border transfers is crucial in driving digitization in the country as we aim to further support the growth of the digital economy in line with Vision 2030.”
“At Mastercard, we are focused on offering choice and convenience to customers, enabling all payments to be simple, seamless and secure. This partnership with SABB is another milestone in our innovation journey with one of the region’s leading financial institutions,” Khalil added.
As the global economy becomes increasingly more interconnected and human migration increases, the opportunity in the cross-border payments sector will only grow. The launch meets a need for more effective international money transfer services with advanced safety and reliability elements, while enhancing real-time payments features.
Naif Al-Abdulkareem, deputy managing director retail, SABB, said: “This step is part of the bank’s ongoing efforts to provide customers with best-in-class digital payment services, which are instant, secure and innovative with a competitive commercial offer. This would also positively contribute toward SABB’s vision of becoming the leading digital bank in the Kingdom.”
“SABB has successfully launched the first corridor through Mastercard Send for Cross-Border and will be working to introduce others gradually,” Al-Abdulkareem added.
Mastercard, a technology company in the global payments industry, connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.