Infosys, a global digital services and consulting firm, has teamed up with Mastercard to enhance access to Mastercard Move for financial institutions.

Mastercard Move consists of the network’s suite of money movement solutions. This solution caters to direct disbursers, banks, non-bank financial institutions, and their customers by offering money transfer services both domestically and internationally. Covering over 200 countries and more than 150 currencies, Mastercard Move reportedly has access to over 95 percent of the world’s banked population.

The integration with Infosys Finacle, part of EdgeVerve Systems, a subsidiary of Infosys, streamlines the process for financial institutions to leverage Mastercard Move’s cross-border capabilities. This partnership aims to reduce typical implementation times and minimize the resource-intensive nature of such projects. By merging Mastercard’s global money movement solutions with Infosys’ composable banking platform, both companies seek to deliver fast and secure cross-border experiences for all customer segments.

Mastercard officials stated that this joint effort is aligned with the company’s broader goals of expanding access to and increasing the reach of remittance services, as well as expanding its portfolio of commercial payments solutions. This move follows a trend where global remittances continue to grow due to factors such as migration, digitalization, and economic development. In 2024, Asia is expected to account for nearly half of these inflows.

An Infosys official noted that, as customers increasingly engage in digital transactions, financial institutions are focusing on updating their payment systems to promote long-term customer loyalty, especially by offering fast, secure, and seamless transaction experiences. The collaboration between the global digital services and consulting firm and Mastercard aims to facilitate near-real-time cross-border payments and enhance the overall financial experience for everyday customers.