Mastercard and BMO Bank of Montreal today announced that BMO will implement Mastercard Send to deliver faster, more cost-effective and transparent international payment services to its Canadian-based business and commercial banking clients.
BMO joins a growing list of global banks working with Mastercard to offer their clients a better way to send money around the world.
With Mastercard Send, BMO can offer its clients the ability to send cross-border payments efficiently, seamlessly and securely to bank accounts in more than 75 countries. The partnership will initially focus on bank account transfers, but will expand to include payments to mobile wallets and cards internationally.
“Consumers today expect quicker access to their funds, but businesses face numerous challenges when making cross-border payments,” said Brian Lang, President of Mastercard in Canada. “Mastercard Send helps banks modernize their cross-border services and deliver a better experience for their clients.”
“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,” said Sharon Haward-Laird, Head, North American Treasury & Payment Solutions, BMO Bank of Montreal. “As a result, we have a deep understanding of the complexities involved in running a cross-border business, including as it relates to payments, and this latest offering with Mastercard Send reflects our commitment to providing customers with solutions that deliver against their changing expectations and needs.”
As businesses of all sizes manage an increasingly global marketplace, banks will need cost-effective solutions to meet the evolving needs of their clients. Mastercard Send delivers funds quickly and securely to both cards and non-cards, including bank accounts, mobile wallets and cash-out locations. Consumers with Mastercard Send can receive payments from governments, businesses, non-profit organizations and even other consumers, locally or in another country. With Mastercard Send, banks can improve customer experience and future-proof their cross-border payment service.