New Delhi, Aug. 28 -- Infosys has entered into a strategic collaboration with Mastercard to strengthen cross-border payment solutions for financial institutions worldwide. The partnership will enable institutions to integrate more efficiently with Mastercard Move, the company's portfolio of money movement capabilities, through Infosys Finacle, part of EdgeVerve Systems.
By embedding Mastercard Move into Finacle's platform, financial institutions will be able to access cross-border services in a shorter time frame and with fewer resources than is typically required for such integration projects.
Mastercard Move supports direct disbursers, banks, non-bank financial institutions and their customers by offering fast and secure money transfers across more than 200 countries in over 150 currencies, covering more than 95 per cent of the world's banked population.
The collaboration will allow financial institutions to deliver faster and more reliable cross-border payments while strengthening risk, operational, and cost management.
A Mastercard spokesperson highlighted the importance of the partnership in meeting the growing global demand for remittances, particularly in Asia, which accounted for nearly half of worldwide inflows in 2024.
"This engagement with Mastercard Move brings together the agility of our composable banking platform with Mastercard's unmatched global money movement capabilities - empowering banks to deliver fast and secure cross-border experiences for every customer segment," said Sajit Vijayakumar, Chief Executive Officer, Infosys Finacle.
This month, Infosys Finacle also announced the completion of a core and digital banking migration for Uniting Financial Services (UFS), a charitable development fund in Australia. The transition to Finacle's Digital Banking Software-as-a-Service (SaaS) platform on Amazon Web Services (AWS) cloud was completed in less than five months.
Published by HT Digital Content Services with permission from TechCircle.