Backbase is bringing Mastercard Move into its Banking OS as banks look for faster ways to launch cross-border payment services.
The integration gives Backbase customers access to Mastercard’s global money movement capabilities through a pre-built connector, reducing the need for custom integration work.
The collaboration is aimed at helping financial institutions roll out international payment services more quickly, while managing the payment flow from customer initiation to settlement and reconciliation.
Mayank Somaiya, Global Vice President and Head of Ecosystem Partnerships at Backbase, said,
“The Backbase Ecosystem extends the AI-native Banking OS with best-of-breed capabilities across payments, fraud management, open banking, dispute management, and end-to-end banking services.
With Mastercard Move accessible directly through the Banking OS, banks can deliver trusted international payments within the same digital journeys their customers already use – competing with digital-first and non-traditional players on experience, pricing, transparency, and speed.”
The integration will initially focus on the European Union, Middle East and North Africa, targeting banks that are looking to improve their cross-border payment capabilities.
Mastercard Move supports money movement across more than 200 countries and territories, connects more than 17 billion endpoints, and supports transactions in 150 currencies.
Pratik Khowala, Global Head of Transfer Solutions, Mastercard, said,
“By making Mastercard Move available through the Backbase AI-native Banking OS, we’re accelerating banks’ ability to bring cross-border services to market.
This collaboration helps financial institutions deploy trusted, transparent international payments faster and with far less complexity.”
The pre-built connector is now available to Backbase customers through a pre-integrated setup, with support for planning, technical assessment and delivery guidance.
Featured image: Edited by Fintech News Singapore, based on image by smartmalik6384 via Magnific
