In March this year, Mastercard first signed the agreement to acquire Transfast.
Mastercard said that the Transfast’s acquisition would complement its wide range of payment solutions by improving worldwide connectivity in the account-to-account space, optimising compliance capabilities and offering more advanced foreign exchange tools.
Mastercard executive vice president Stephen Grainger said: “Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally.
“People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”
Transfast has direct integrations with over 300 banks and other financial institutions to enable person-to-person, business-to-person and business-to-business payments services to the partners through APIs, SFTP, web and mobile product applications.
Its applications provide compliance, risk management, currency conversion, liquidity management and multi-format messaging solutions to the clients such as banks, financial institutions, e-commerce companies, and service marketplaces, as well as small businesses and individual consumers.
With more than 800 employees, Transfast serves its customers in more than 125 countries across Asia, Europe, Africa, Americas and Australia.
The acquired business will allow Mastercard to better meet the growing requirements of consumers and businesses, in addition to governments and merchants in cross-border transactions.
At present, Transfast is supporting the Mastercard Send solution for business-to-business and person-to-person payment services.
Transfast CEO Samish Kumar said: “This is a pivotal day for Transfast as we embark on the natural next step in our journey.
“Mastercard’s global reach complements our own network across over 100 countries, and together we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth.”
Mastercard claims that its global payments processing network connects consumers, financial institutions, merchants, governments and businesses in over 210 countries and territories.
