- Mastercard, which is one of the world’s most well-known online money transfer firms, has confirmed that it will collaborate with ProgressSoft as part of a new push towards improving the flow of remittances through the online money transfer sector.
- The two companies will work together to improve the reliability of payments.
- “This partnership makes it easier and faster for banks to onboard and integrate Mastercard Cross-Border Services, a platform that also relieves banks from the remittance certification process,” said a spokesperson for Mastercard.
Two names from the online money transfer and international finance sectors have joined forces to help improve the remittance offer in Africa.
Finance giant Mastercard will work with the payment solutions firm ProgressSoft to offer new cross-border payments services in the key region of the Middle East and North Africa (MENA).
The new arrangement will see digital payments routed through Mastercard Cross-Border Services, allowing service providers to offer payments that link to just one point of connection.
The service allows for transactions to be made in a way that is reliable and expected – and without the companies involved having to pay charges on the back end.
It is expected that the new pairing will allow for payment service integration times to be brought down by around 50% – or potentially even less.
It will also see Mastercard speed up its rollout of its service network across the MENA region.
In a statement, the vice president for Digital Payments & Labs (MENA) at Mastercard said that the rollout of the technology meant that the firm was looking forward to the new arrangement.
Pankaj Asthaana explained that the move had so far been at a regional level.
“Following the successful implementation of our technology across leading regional banks, we now look forward to working with ProgressSoft to transform how banks across the region process cross-border payments,” he said.
He went on to say that both speed and ease would be reflected in the new arrangement.
“This partnership makes it easier and faster for banks to onboard and integrate Mastercard Cross-Border Services, a platform that also relieves banks from the remittance certification process,” he explained.
For ProgressSoft, meanwhile, the chief executive officer there said that the integration would help to make “daily tasks” more simple.
Michael Wakileh explained that ProgressSoft and Mastercard now had the chance to collaborate to make the integration work.
“Partnering with Mastercard to facilitate the smooth integration of its Mastercard Cross-Border Services platform enables ProgressSoft to further realise its mission to simplify daily tasks in business and in life,” he said.
ProgressSoft, which is based in the Middle Eastern nation of Jordan, says that it has a six-figure number of users on its books across more than 20 nations around the world.
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