Mastercard has closed its acquisition of cross-border payments provider Transfast, closing out a deal the card network
Mastercard says the Transfast acquisition builds on the network's strength in payments and improves transparency and certainty in cross-border transactions. The companies did not disclose financial details of the acquisition.
Both Mastercard and Visa pursued companies that could operate as a cross-border payments unit, positioning such acquisitions as a way to expand real-time payments globally.
The Transfast acquisition is "an exciting milestone for Mastercard in helping further build democratized access to predictable and faster payments," Stephen Grainger, executive vice president of Mastercard, said in a Tuesday press release. "People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands."
Transfast serves more than 125 countries across Asia, Europe, Africa, Australia and the Americas. It has integrations with more than 300 banks and other financial institutions to deliver person-to-person, business-to-consumer and business-to-business payments through APIs, online and mobile devices.
That wide net will allow Mastercard to service a wide range of businesses and organizations across various verticals, including businesses paying suppliers and employees across borders.
"Mastercard's global reach complements our own network and together we will grow within the account-to-account payments space," Samish Kumar, CEO of Transfast, said in the release.
The acquisition will spur innovation and new products for customers, helping businesses "predict and plan when they pay people and get paid," Kumar added.
