Zand Bank has formed a new partnership with Mastercard to enhance its cross-border payment and cash services for retail, corporate, institutional, fintech, and wealth clients in the UAE.
Image: Zand Bank
Through the collaboration, the Dubai-based digital challenger has adopted Mastercard Move – Mastercard’s suite of money movement solutions.
The first phase of implementation will enable Zand Bank’s clients to send money directly to recipients’ bank accounts across multiple countries, transfer funds to mobile wallets globally, and access cash pick-up services using Mastercard Move’s network of designated collection points.
Zand Bank was the first digital challenger to receive a licence from the Central Bank of UAE back in July 2022, providing corporate and institutional services including treasury and BIN sponsorship, digital asset solutions, and digital banking services.
The company partnered with Infosys Finacle to leverage its Corporate Banking Solution suite, deployed via Microsoft Azure, last year, and is currently exploring generative AI use cases through a collaboration with Alibaba Cloud and Ant Digital Technologies. It was also announced in May that Zand Bank had opted for the Ripple Payments solution to further incorporate blockchain technology into its payment capabilities.
Related:UniCredit partners Wise to power international money transfers
The digital challenger’s latest industry partnership comes after Mastercard unveiled a commercial payments component to Mastercard Move at Sibos last year, stating at the time that the upgrade “aims to simplify operations, optimise liquidity, reduce counterparty risk, and provide end-to-end visibility for banks and their customers”.
Source: https://www.fintechfutures.com/
