Mastercard collaborates with Dubai Islamic Bank to introduce cross-border payment services

Dubai, UAE; 13 November 2023: Mastercard has initiated a strategic partnership with Dubai Islamic Bank (DIB) to launch cross-border payment services for peer-to-peer (P2P) and business-to-business (B2B) fund transfers. The collaboration leverages Mastercard Cross-Border Services to enable the bank to provide real-time remittances through its digital channels across more than 40 countries worldwide. The Mastercard-powered remittance solution allows people and organizations to send and receive money around the world almost instantly.

Mastercard Cross-Border Services facilitate the movement of funds to any end point across over 140 countries through one secure connection and through rich features such as guaranteed exchange rates, full value transfers without deductions and transaction status tracking, reaching 95% of bank accounts worldwide. The highly localized solution offers multiple payout options, including bank account, mobile wallet and card. To address the needs of the unbanked and underbanked, cash payout is also an option through a continuously expanding global network of cash pickup locations, whose number currently stands at approximately 350,000.

“At DIB, we are committed to making an active contribution to building a seamless payment infrastructure through bringing unique, state-of-art solutions to the market in line with the highest international standards. This partnership further enriches DIB cross-border payment services through an integration between customer facing mobile apps and online platforms with Mastercard, ensuring secure and efficient transfers to a vast network of geographies that the latter operates in. With its advanced technology, global expertise and ever-growing remittance footprint, Mastercard will significantly enhance our customer offering and allow us to achieve further global reach,” said Dr. Adnan Chilwan, Group CEO of DIB.

“For many people, remittances are a way to stay connected to their communities. At Mastercard, we are dedicated to providing them with fast, convenient, secure and affordable ways to transfer funds internationally. We are delighted to launch our first innovation-driven business venture with DIB, and hope this will be the start of a long and productive partnership,” said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard.

Recognizing the need for speed in today's fast-paced world, Mastercard Cross-Border Services have been optimized for quick and efficient fund transfers. This ensures that customers can complete their desired transactions promptly, which is particularly advantageous for urgent financial needs. To promote transparency, the solution is equipped with a real-time tracking feature, so users can stay informed about the progress of their transactions.