New York, October 10, 2024 – Citi (NYSE: C) and Mastercard (NYSE: MA) have announced a groundbreaking collaboration that will offer cross-border payment solutions to Mastercard debit cards in 14 receiving markets worldwide, with plans for future expansion. This partnership leverages Citi’s WorldLink® Payment Services and Mastercard’s Move® money transfer capabilities to deliver near-instant, full-value payments, available almost 24/7 to consumers using their Mastercard debit card details.
This new integrated solution positions Citi as the first global bank to enable cross-border payments directly to Mastercard debit cards using the Mastercard Move® platform. Clients will benefit from the speed, security, and transparency of the Mastercard network, making international payments as seamless as domestic transactions. The offering is available to Citi clients across 65 origination countries, catering to the corporate, financial institution, e-commerce, and commercial sectors.
The solution simplifies cross-border payments, making them faster, more efficient, and more accessible across various use cases. These include insurance payouts, airline refunds, compensation payments, on-demand payments to freelance and gig-economy workers, e-commerce merchant payments, and customer refunds.
Expanding Citi and Mastercard’s Partnership
This innovative service deepens the existing collaboration between Citi and Mastercard, enabling enhanced money movement capabilities for Citi’s Treasury and Trade Solutions (TTS) clients.
“As the global economy becomes increasingly digital, our continued investment in cross-border payments drives innovation at scale for our clients. This collaboration builds on our longstanding relationship with Mastercard, leveraging the strength of our global proprietary network alongside other digital wallet and card capabilities to make cross-border payments feel seamless—no borders, no currencies, no constraints,” said Debopama Sen, Head of Payments at Citi Services.
A Global Impact
Mastercard, one of the world’s largest payment networks, has issued over 3.4 billion debit, prepaid, and credit cards globally as of Q2 2024. Citi’s partnership with Mastercard expands its global reach, enabling payout services across Europe, Asia, Africa, Latin America, and U.S. domestic transfers. WorldLink® Payment Services allow Citi clients to make payments in over 135 currencies, with methods ranging from traditional wires and ACH to instant cross-border payments, digital wallets, and now, Mastercard debit cards.
“Cross-border payments are a key area of growth for Mastercard, and we are constantly innovating to provide payment solutions that better meet the needs of our global customers,” said Alan Marquard, Head of Transfer Solutions at Mastercard. “Our collaboration with Citi represents a significant milestone in bringing the ease and simplicity of domestic payments to the cross-border payment space.”
Innovating Cross-Border Payment Solutions
Mastercard Move® provides banks, non-bank financial institutions, direct disbursers, and their customers with secure, efficient domestic and international money transfer solutions. Mastercard Move’s reach spans over 180 countries and 150+ currencies, giving access to more than 95% of the world’s banked population.
This collaboration marks a significant step forward in the evolution of cross-border payments, offering a seamless, transparent solution that addresses the growing demand for fast, secure, and accessible international money transfers.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
