PURCHASE, N.Y. – March 8, 2019 – Mastercard (NYSE: MA) today announced it has entered into an agreement to acquire Transfast, a global cross-border account-to-account money transfer network.
Transfast will complement Mastercard’s wide range of payment solutions by increasing worldwide connectivity in the account-to-account space, enhancing compliance capabilities and offering more robust foreign exchange tools. Transfast currently supports the Mastercard Send solution for business-to-business and person-to-person payment services.
Michael Miebach, chief product officer for Mastercard, said
We believe Transfast gives us the strongest platform to immediately enhance our cross-border capabilities and further deliver on our strategy. The addition of Transfast adds to our leading position in meeting business, government and consumer payments needs – whether B2B, P2P or other flows. Today’s news cements our collaboration and sets the stage to provide our customers a unique, ready-to-go solution upon closing.
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