Mastercard has teamed up with Bank of Shanghai to facilitate enhanced cross-border business payments into China from any geography.
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.
Bank of Shanghai is the latest lender to join Mastercard’s global ecosystem to allow consumers and businesses to pay and get paid across borders.
Bank of Shanghai vice chairman Huang Tao said: “Cross-border financing has always been a core offering of Bank of Shanghai and the current climate has led to a heightened customer demand for this service.
“Enabling Mastercard Cross-Border Services will ensure an improved cross-border payment solution with high efficiency, low cost and enhanced compliance.”
Mastercard’s cross-border service, through a single point of access, connects 90% of people in the world via cards, bank accounts, digital wallets, and cards and cash agents.
The platform enables financial institutions to develop tailored solutions for multiple use cases.
It provides payment applications to customers, which allows them to either route transactions over cards or from one account to another.
Mastercard EVP of new payment platforms Stephen Grainger said: “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.”