US-based Florida Capital Bank has formed an alliance to leverage Mastercard Send platform designed for disbursements of funds to all branded debit cards in real-time.
By using Mastercard’s solution, the bank’s corporate partners will be able to send payments to cardholders via FLCB InstantMoney in minutes.
The platform enables instant push to card payments across various networks and brands in order to provide quick and secure fund transfers to customers.
Mastercard executive vice-president of digital payments and labs Jess Turner said: “With Mastercard Send we are modernising the way money is received and enabling banks to deliver a superior user experience to both their consumer and corporate customers.”
Florida Capital Bank senior vice-president of Electronic Payments and Risk Management, Bob Higel added: “We are happy to partner with Mastercard, and we are excited to offer FLCB InstantMoney to facilitate faster payments.
“This product will provide a huge benefit to any company that performs a large volume of disbursements for their consumers who require faster payments.”
Mastercard Send facilitates both domestic and cross-border money transfer to card as well as non-card endpoints such as bank accounts, mobile wallets and cash-out locations, in almost 100 countries.
In addition to disbursements, the platform can be used by financial institutions, money transfer operators and merchants for person-to-person payments.