Singapore-based digital payments solutions provider dtcpay has forged a strategic collaboration with Mastercard Move to facilitate seamless global money transfers for its users.
The partnership leverages Mastercard’s global money movement capabilities to offer “enhanced speed, security, and transparency for their cross-border transactions,” said dtcpay.
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Starting in June, dtcpay users can access over 49 payment corridors for transactions originating from Singapore.
Payout destinations include the Chinese mainland, the Emirates, Indonesia, Malaysia, the Philippines, Switzerland, Thailand, Vietnam, and select markets across the European Union.
The collaboration enables fast processing, with 60% of payments typically received within one hour and 95% within 24 hours, the company claims.
Businesses can pay overseas vendors or employees faster than traditional wire transfers, which may take up to five days.
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By GlobalDataFinancial institutions, like brokerages, gain access to dtcpay’s API infrastructure for efficient cross-border transactions.
Individuals can manage global finances through dtcpay’s streamlined payment solution, without needing high transaction volumes.
dtcpay CEO & co-founder said: “At dtcpay, we are constantly pushing the boundaries of digital payments to ensure that our users enjoy the best-in-class experience. This collaboration with Mastercard Move is a significant milestone in achieving that goal.
“By enabling fast, transparent, and secure cross-border payments, we are not only improving the financial experience for our users but also empowering businesses, financial institutions, and individuals to thrive in an increasingly globalised world.”
Mastercard Move, which provides money transfer solutions for banks, non-bank financial institutions, direct disbursers, and their customers, operates in more than 200 countries and deals with over 150 currencies.
In April, MoneyGram also implemented Mastercard Move, aimed at improving the digital movement of money within the US and across borders.
The partnership leverages MoneyGram’s network, which covers 200 countries and includes around 450,000 retail sites and five billion digital endpoints.
