Following this announcement, the collaboration aims to leverage Mastercard Cross-Border Service in order to allow Dubai Islamic Bank to provide real-time remittances through its digital channel, across multiple countries around the world. The companies will also focus on launching cross-border payment solutions for peer-to-peer (P2P) and business-to-business (B2B) fund transfers.
Through the use of Mastercard Cross-Border Services, customers will benefit from multiple features, such as guaranteed exchange rates or full value transfers without deductions and transaction status tracking, which aims to reach 95% of bank accounts across the globe. In addition, the solution offers several payout options, including mobile wallet, card, or bank accounts. The product is also equipped with real-time tracking features, which can be leveraged by users in order to stay informed about the progress of their transactions.
In order to address the needs and expectations of the unbanked and underbanked, cash payout will also be available as an option through the expansion global network of cash pickup locations. The Dubai Islamic Bank will prioritise the process of improving its customer experiences, while also focusing on its further global development and reach.
Global payment-processing company, Mastercard provides its clients and customers with a secure and efficient range of remittance-related tools, aiming to deliver an improved experience to bank accounts, digital wallets, mobile wallets, cards, and cash in multiple sectors around the world. The company announced several partnerships and product launches in the last couple of months, covering different geographic areas across the globe.
In November 2023, Mastercard signed a memorandum of understanding (MOU) with Ottu in order to improve payment access across GCC through the use of Mastercard Gateway. Throughout this strategic deal, the companies focused on Ottu’s integration of Mastercard Gateway, which is set to enable a range of local payment methods in the region of Bahrain, Kuwait, Qatar, and Oman. The collaboration will allow Ottu’s traders and merchants to tap into these local payment methods through the use of a secure, streamlined integration procedure, which is set to bridge the gap between international payment networks.
The Mastercard Gateway solution provided Ottu with advanced and efficient payment processing and fraud prevention technologies, as well as the required reach, security, and efficiency to compete and develop in the evolving industry of digital payments.
Earlier in the same month, Silverflow announced its partnership with Mastercard in order to expand its solutions for clients in Singapore, while also going live in the APAC payment market. The companies aimed to combine their extensive expertise and suite of tools to achieve technical implementation and certification in an efficient and secure manner, within a period of 2 months.
In addition, Mastercard and Silverflow were focused on continuing their plan to launch their product around the world to provide clients with an optimised suite of technology and payment solutions.
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