Mastercard Send enables faster, more
cost-effective and transparent international payments
for BMO business and commercial banking clients
TORONTO, April 24, 2019 /CNW/ - Mastercard and BMO
Bank of Montreal today announced
that BMO will implement Mastercard Send to deliver faster, more
cost-effective and transparent international payment services to
its Canadian-based business and commercial banking clients. BMO
joins a growing list of global banks working with Mastercard to
offer their clients a better way to send money around the
world.
With Mastercard Send, BMO can offer its clients the ability to
send cross-border payments efficiently, seamlessly and securely to
bank accounts in more than 75 countries. The partnership will
initially focus on bank account transfers, but will expand to
include payments to mobile wallets and cards internationally.
"Consumers today expect quicker access to their funds, but
businesses face numerous challenges when making cross-border
payments," said Brian Lang,
President of Mastercard in Canada.
"Mastercard Send helps banks modernize their cross-border services
and deliver a better experience for their clients."
"BMO has a long history of serving cross-border customers across
a wide range of industries, and our capabilities and experience in
this area are a key differentiator for us," said Sharon Haward-Laird, Head, North American
Treasury & Payment Solutions, BMO Bank of Montreal. "As a result, we have a deep
understanding of the complexities involved in running a
cross-border business, including as it relates to payments, and
this latest offering with Mastercard Send reflects our commitment
to providing customers with solutions that deliver against their
changing expectations and needs."
As businesses of all sizes manage an increasingly global
marketplace, banks will need cost-effective solutions to meet the
evolving needs of their clients. Mastercard Send delivers funds
quickly and securely to both cards and non-cards, including bank
accounts, mobile wallets and cash-out locations. Consumers with
Mastercard Send can receive payments from governments, businesses,
non-profit organizations and even other consumers, locally or in
another country. With Mastercard Send, banks can improve customer
experience and future-proof their cross-border payment service.
Note to editors:
Mastercard Send helps power some of
the industry's most innovative payment products. For developers,
Mastercard provides financial institutions with an
easy-to-use API, one of more than 35 APIs available through
the Mastercard Developers portal. Backed by the
Mastercard network, banks further benefit from simplified
settlement as well as Mastercard's network and compliance
expertise.
About Mastercard
Mastercard (NYSE: MA),
www.mastercard.com, is a technology company in the global payments
industry.Our global payments processing network connects consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest
bank, by assets, in North America. With total assets
of $807 billion as of January 31, 2019, and a
team of diverse and highly engaged employees, BMO provides a broad
range of personal and commercial banking, wealth management and
investment banking products and services to more than 12 million
customers and conducts business through three operating groups:
Personal and Commercial Banking, BMO Wealth Management and
BMO Capital Markets.
SOURCE Mastercard