Our video series, A beginner’s guide for brands: What is embedded finance, powered by Finastra, continues by taking a closer look at cross-border payments and the partnerships that are bringing them to life.
For episode four, we bring together am impressive group of collaborators who have produced a new cross-border payments solution.
Neil Macro, VP, Managing Director, Head of Sales, Financial Messaging Marketplaces, Finastra
Mark Corritori, Vice President, Strategy & Solution for Cross-Border Services, Mastercard
Clark Russel, CEO, IBIS Management Associates Inc.
As Neil notes, the solution fits well into Finastra’s marketplace, a carefully curated and valued set of solutions for their customers. Providing an overview of the partnership, he points out that Mastercard is a key partner in the payment connectivity marketplace and working with IBIS (a longstanding Finastra partner), opens up a key distribution channel to financial institutions in the Caribbean, as well as in the Central and South American regions. Each partner clearly brings unique value to the collaboration.
They discuss the value of the solution to banks, in particular. As Mark notes, Mastercard was keen to create innovative new products in push payments to help banks better compete with the new digital entrants that were taking some of their business. This creates more choice, convenience, and a better user experience.
Clark pointed to the real time aspect of the product which, in the payment’s world, presents a real challenge for banks in many markets. The cross-border solution these partners have created is a lesson in simplicity when it comes to bank integration and that is central to its value for banks.
They also discuss the benefit to the end users, who sit at the centre of all successful innovation and partnerships.
To hear to full story of this successful partnership, listen to the full video.
Look out for the final episode in the series (coming soon) and learn more about embedded finance and payments at the next edition of the FTT Fintech Festival in London on 11th – 12th November.
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