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Mastercard, an experienced giant in the international remittances service, acquired the relatively new Transfast, an account-to-account money transfer service.

Prior to the acquisition, Transfast already supported the Mastercard Send solution, which entailed 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. The addition of Transfast adds to our leading position in meeting business, government, and consumer payment needs – whether B2B, P2P, or other flows. Today’s news cements our collaboration and sets the stage to provide our customers with a unique ready-to-go solution upon closing,” said Michael Miebach, the chief product officer for Mastercard.

Traditionally, international money remmittance service customers often realize high costs, compliance requirements, and limited predictability when sending cross-border payments to vendors and partners. The coming together of Transfast and Mastercard is seen as a step towards addressing these challenges and give customers more transparency, speed, and affordability.

There are substantial synergies with Mastercard for even further growth across our products. Over the past 12 years, we have grown our capabilities to connect, track, and settle transactions with almost every bank around the world via our curated and extensive network. We’ve worked in support of Mastercard Send and this feels like the natural next step in our relationship,” said Samish Kumar, the CEO of Transfast.

As to the nitty gritty of the agreement between Mastercard and Transfast, there little to write about since both companies remain tight-lipped on the matter. However, we do know the transaction is supposed to be closed by the second half of 2019; subject to the customary closing conditions of course.

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