Citi and Mastercard: Partnership for Effortless Cross-Border Payments

Citi and Mastercard have initiated a groundbreaking collaboration that enables cross-border payments to be made directly to Mastercard debit cards in 14 selected markets worldwide. This offering aims to significantly enhance the efficiency and speed of international payments and is available to customers from 65 originating countries across various economic sectors. The partnership leverages Citi's WorldLink Payment Services and Mastercard Move's transfer solutions to facilitate nearly instantaneous payments with almost 24/7 availability. The solution supports various use cases, such as insurance payouts, airline refunds and compensations, payments to freelancers and gig workers, and payments in the e-commerce sector. With this innovation, Citi strengthens its collaboration with Mastercard to expand the money movement capabilities for clients of Citibank Treasury and Trade Solutions (TTS). In addition to the economic benefits, this partnership also bridges cross-border and domestic payment flows. With over 3.4 billion cards issued globally, Mastercard offers an impressive reach that supports Citi's global expansion plans. This underscores the importance of simpler and faster cross-border payments in an increasingly digitized global economy. This innovative collaboration extends Citi's payment services on a global level by including payment destinations in Europe, Asia, Africa, Latin America, and within the United States. Mastercard Move, as a platform for fast and secure transfers, is also gaining significance by providing advanced solutions to banks and financial institutions worldwide.