Leveraging Mastercard's Cross-Border Services, this collaboration aims to extend FinXP's capabilities by providing its global customer base with access to a broader range of payment options.
FinXP PLUS is designed to modernise corporate cross-border payments by offering a proprietary platform that supports secure transactions to over 100 countries, accommodating various currencies, including USD, GBP, EUR, CAD, CHF, TRY, PLN, SEK, DKK, NOK, PHP, COP, and more. A notable feature of this service is its support for multi-channel transfers, allowing merchants to conduct payouts to bank accounts, cards, e-wallets, and cash-out locations. This adaptability ensures clients can meet diverse payment preferences worldwide.
The new service integrates with FinXP's Euro IBAN service, IBAN4U, which provides dedicated corporate accounts along with Mastercard debit cards. This integration offers FinXP PLUS users a comprehensive account solution that allows them to receive payments, conduct payouts, and use their funds through a physical debit card. Through this collaboration, FinXP expands access to Mastercard's network to its clientele, including ecommerce enterprises, professional services firms, and merchants specialising in sectors such as blockchain, fintech, and iGaming.
In the company press release, officials from FinXP expressed the company's commitment to delivering a seamless payment experience for merchants, emphasising fast and cost-effective transactions through an easy-to-use platform. They also credited Mastercard's expertise as a crucial factor in making this innovation possible.
FinXP representatives added that the new service enhances the company's value proposition for existing clients and opens up opportunities in new markets, such as international remittance, travel, and marketplaces.
Representatives from Mastercard highlighted the significance of providing fast and reliable access to funds at a reasonable cost, particularly in the current economic climate. They also explained that the partnership with FinXP aims to deliver a simple and reliable cross-border payments experience, accommodating various transfer methods.
Mastercard's suite of remittance-related products enables payments using its global network to be delivered to bank accounts, digital and mobile wallets, cards, and cash in more than 180 countries and 150 currencies. This broad coverage ensures access to a substantial portion of the world's banked population in near real-time across more than 50 markets.
The launch of FinXP PLUS marks a step in the right direction for the advancement of cross-border payments across multiple industries. Both FinXP and Mastercard anticipate transforming the way businesses conduct international transactions, thereby promoting the growth of global commerce.
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