Mastercard and BMO have announced the expansion of the latter’s Global Money Transfer service, enabled by Mastercard Move’s global money movement capabilities.
By including new destinations and currencies, BMO’s personal banking clients based in Canada are set to be able to connect with family and friends in 70 destinations across Europe, the Middle East, Africa, Asia Pacific, Latin America, and the Caribbean.
Expanding payment solutions to more regions
BMO Global Money Transfer focuses on supporting clients’ global financial needs with security and continuous access through its Mobile Banking app. On the other hand, Mastercard Move allows financial institutions and their customers to send money to over 200 destinations in more than 150 currencies, reaching 10 billion endpoints, including bank accounts, mobile wallets, cards, and pick-up locations.
By teaming up, Mastercard and BMO seek to advance their shared commitment to enabling secure and cost-effective solutions to meet the scaling demand for international payment services for Canadians. Considering that remittances play a critical role in developing destinations, where funds are leveraged to support family education, property payments, and other expenses, the collaboration allows BMO clients to send money directly to the recipient’s bank account without facing hidden fees or deductions.
Representatives from Mastercard emphasised that the company focuses on ensuring that the digital economy allows the movement of money for consumers both in Canada and globally. By facilitating access to safe international money movement, Mastercard aims to assist global connectivity while also supporting individuals.
Furthermore, expanding its partnership with BMO comes as a key step in Mastercard’s continuous investment in development in this space. The company plans to enable the Canadian bank to better serve its banking clients in diverse communities.
The announcement follows Mastercard’s decision to optimise B2B payment automation by launching Mastercard Receivable Manager and Commercial Direct Payments. With this offering, the company sought to deliver an augmented B2B payment experience for buyers and suppliers during a period when digitalisation of commercial payments was becoming mandatory.
