Arab Bank and Mastercard launch cross-border payments services 'RemitEx' in Jordan
January 22, 2024 | Amman, JordanAmman, Jordan, January 22 2024 - Arab Bank and Mastercard announced the launch of cross border payment services RemitEx. The new collaboration leverages Mastercard's Cross-Border Services platform to provide a remittance product that will enable Arab Bank’s customers to make faster, safer and full-value transfers without fees for the recipient.
The launch of this new service comes as part of Arab Bank’s strategy to reinforce its digital payment offering and provide its customers with flexible and advanced banking solutions that meet their evolving needs and expectations.
This service will enable remittance to 28 countries, opening new corridors and expanding the bank’s global reach, with plans for further expansion in the future.
Commenting on the launch of this service, Mr. Yacoub Matouk, head of Consumer Banking at Arab Bank – Jordan, said: “At Arab Bank, we continue to deploy the latest advancements in the digital banking industry, offering a more optimized customer-centric banking experience. Our strategic collaboration with MasterCard is a manifestation to the bank’s agility in responding to consumers’ growing demands for secure and innovative payment solutions across borders.” He added: “The new cross-border payment services are a remarkable addition to the bank’s portfolio of payment solutions offered to customers, providing them with semi-instant, seamless and secure money transfer experience processed through MasterCard’s cross-border services platform, and supported by a paradigm of digital payment solutions.”
Cynthia El Khoury, country manager, Levant and Iraq at Mastercard, said: “Mastercard Cross-Border Services is designed to modernize cross-border payments in an age where convenience and security is paramount. Through our collaboration with Arab Bank, we are empowering consumers to send money to their loved ones with increased ease and peace of mind. We look forward to seeing the positive impact Arab Bank’s new remittance product will have on their customers and the wider community in Jordan and the region.
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