Mastercard and SABB Partner to Deliver Better, Faster and More Secure Cross-Border Payments Solutions in Saudi ArabiaDecember 19, 2019 | Riyadh, Saudi Arabia
- Mastercard Send™ for Cross-Border enables faster, frictionless international payments with enhanced certainty and transparency
- SABB continues to lead in digital payments adoption, now as the first bank in Saudi Arabia to use Mastercard’s cross-border payments platform
Through Mastercard Send for Cross-Border, a push-payments platform that allows for real-time fund transfers, SABB customers will soon be able to send money to more than 100 countries and reach around 90 percent of the world’s population.
Mastercard Send for Cross-Border caters to the needs of both individuals and businesses. SABB customers will now be able to make transfers to all card and non-card destinations, including bank accounts, mobile and digital wallets and ATMs, allowing for secure, predictable and fast delivery of funds both domestically and internationally.
J.K. Khalil, General Manager, Saudi Arabia & Bahrain, Mastercard, said: “The ability to make cross-border payments has never been more important, especially as Saudi Arabia works towards its vision of becoming a global model of excellence and connects its digital economy to the world. The ability to make fast, frictionless cross-border transfers is crucial in driving digitization in the country as we aim to further support the growth of the digital economy in line with Vision 2030.”
“At Mastercard, we are focused on offering choice and convenience to customers, enabling all payments to be simple, seamless and secure. This partnership with SABB is another milestone in our innovation journey with one of the region’s leading financial institutions,” Khalil added.
As the global economy becomes increasingly more interconnected and human migration increases, the opportunity in the cross-border payments sector will only grow. The launch meets a need for more effective international money transfer services that meet advanced safety and reliability elements, while enhancing real-time payments features.
Naif AlAbdulkareem, Deputy Managing Director Retail, SABB commented: “This step is part of the bank's ongoing efforts to provide customers with best-in-class digital payment services which is instant, secure, innovative with a competitive commercial offer. This would also positively contribute towards SABB’s vision of becoming the leading digital bank in the Kingdom.”
“SABB has successfully launched the first corridor through Mastercard Send for Cross-Border and will be working to introduce others gradually,” AlAbdulkareem concluded.