Mastercard 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.
“We believe Transfast gives us the strongest platform to immediately enhance our cross-border capabilities and further deliver on our strategy,” said Michael Miebach, chief product officer for Mastercard. “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.”