Mastercard and SBM Bank to collaborate on payments solution

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • SBM Bank to work with Mastercard by harnessing the power of the Mastercard Send system – with the aim of improving domestic and international transactions.
  • Relatively instant payments will be possible on a domestic business-to-consumer basis once the new system is set up and installed.
  • “The partnership with SBM Bank Ltd, powered by Mastercard Send™, allows their customer base to offer quick, convenient and secure payments experiences,” said a Mastercard spokesperson.

An Indian bank has announced a new collaboration with international financial services company Mastercard.

SBM Bank will work alongside the global giant to offer improved domestic and international payments for customers using the Mastercard Send platform.

According to press reports, it will be possible for clients of SBM Bank India to now make relatively instant business-to-consumer (B2C) payments in the country.

SBM Bank has long since had a commitment to improving remittance flows, and has made this one of its key business aims.

It has, for example, a “switching partner” in the form of the company YAP, which provides an application programming interface (API) platform for the firm.

Various figures involved in the partnership commented on the news. 

Neeraj Sinha, who serves as SBM Bank’s head of retail and consumer banking, described the Mastercard service as a “secured and innovative solution”.

“We are committed to offer banking solutions for smarter tomorrow to our customers each day,” he said.

“Towards this, we have always believed in partnering with the best companies. It is my pleasure to collaborate with Mastercard to offer Mastercard SendTM – a secured and innovative solution – crafted to modernize domestic and cross-border payments and remittances,” he added.

Benjamin Gilbey, who is the senior vice president for digital payments and labs in the Asia Pacific region for Mastercard, added that the new arrangement would offer “quick, convenient and secure” experiences for clients.

“The partnership with SBM Bank Ltd, powered by Mastercard Send™, allows their customer base to offer quick, convenient and secure payments experiences,” he said.

He placed the new partnership in a wider context of Mastercard’s previous commitments to helping customers find the best options for moving their money.

“This partnership is another example of how Mastercard SendTM is providing innovative new solutions for people all around the world, enabling them to send and receive money, when, where and how they choose,” he added.

Also speaking for Mastercard was Vikas Varma, who is the firm’s chief operating officer in South Asia.

“As India continues to evolve as a digital economy, there is a need for simple, safe, and real-time solutions that allow merchants, businesses and consumers to make and receive payments,” he said.

“Mastercard SendTM addresses this need and provides an unmatched experience. Mastercard’s partnership with SBM Bank India allows customers to experience the ease of transferring money that this technology offers,” he added.

There’s always something of interest going on in the online money transfer sector. Find out more about the latest events by heading over to our magazine pages.


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