BMO Bank of Montreal has selected Mastercard Send personal payments service, as part of its efforts to accelerate global payments.
BMO will use Mastercard Send to deliver cost-effective and transparent international payment services to its business and commercial banking clients in Canada.
Mastercard Send is a full-service disbursements and person-to-person (P2P) platform, which enables banks, businesses and digital players to modernize the way of sending money.
The platform allows recipients to receive funds within seconds round the clock, and uses advanced security tools and capabilities to manage regulatory, financial and fraud risk.
Mastercard Canada president Brian Lang said: “Consumers today expect quicker access to their funds, but businesses face numerous challenges when making cross-border payments.
“Mastercard Send helps banks modernize their cross-border services and deliver a better experience for their clients.”
The partnership will initially concentrate on bank account transfers, and will later add payments to mobile wallets and cards internationally.
Via Mastercard Send, BMO’s clients can make cross-border payments efficiently and securely to bank accounts in over 75 countries.
Mastercard Send will deliver funds quickly and securely to both cards and non-cards, including bank accounts, mobile wallets and cash-out locations.
The consumers of Mastercard Send will secure payments from governments, businesses, non-profit organizations and other consumers locally or in another country.
Mastercard Send will also help banks to improve customer experience and future-proof their cross-border payment service.
BMO Bank of Montreal North American treasury and payment solutions head Sharon Haward-Laird said: “BMO has a long history of serving cross-border customers across a wide range of industries, and our capabilities and experience in this area are a key differentiator for us.”
Mastercard has a global payments processing network, which connects consumers, financial institutions, merchants, governments and businesses in over 210 countries and territories.
The company’s cards and solutions are used in regular commerce activities such as shopping, traveling, as well as running business and managing finances.
BMO offers a range of personal and commercial banking, wealth management and investment banking products and services to over 12 million customers.