Mastercard and the Saudi British Bank (SABB) have collaborated to make international payments quick, easy and convenient for customers. SABB customers will be able to send money to more than 100 countries through Mastercard Send for Cross-Border, the local media reported.
Mastercard Send for Cross-Border enables banks to send cross-border payments for various payment types, including person-to-person and business-to-business payments.
Through the partnership, SABB payments customers will be able to reach nearly 90 percent of the world’s population. Increasing interconnectedness across the global economy has built new opportunities in the cross-border payments. The new launch will reinforce capabilities in international money transfer services such as real-time payments.
The Mastercard SABB payments partnership marks a significant milestone in financial landscape. J.K. Khalil, General Manager, Saudi Arabia & Bahrain, Mastercard, told the local media that, “The ability to make cross-border payments has never been more important, especially as Saudi Arabia works towards its vision of becoming a global model of excellence and connects its digital economy to the world. The ability to make fast, frictionless cross-border transfers is crucial in driving digitisation in the country as we aim to further support the growth of the digital economy in line with Vision 2030.”
Last month, SABB started using blockchain technology for financing international trade transactions between Bahrain and the Kingdom of Saudi Arabia. This is expected to introduce higher levels of efficiency, transparency and security in new markets. With that, it puts Bahrain and the Kingdom in the forefront of global trade, a press release said.