Mastercard and digital transformation company, GFT, have collaborated to introduce a solution aimed at expediting the integration of Mastercard Cross-Border Services into the Latin American market. The initiative is expected to provide banking clients the capability to enter the market swiftly and start revenue generation.

Currently, Mastercard’s Cross-Border Services facilitate fund movement in over 130 markets, reaching 90% of bank accounts worldwide. The highly localised solution offers multiple payment options, including a bank account, mobile wallet, and card. To address the needs of the unbanked and underbanked, particularly in Mexico, cash payment is also available through a globally expanding network of approximately 350,000 cash pickup points.

“As people and businesses demand greater speed, transparency, security, and efficiency, banks need to provide an experience that keeps pace with the way we live and work in today’s world while effectively managing operational costs and risks,” said Walter Pimenta, Executive Vice President of Products and Engineering, Mastercard Latin America and the Caribbean.

Available throughout Latin America, the partnership between GFT and Mastercard will enable accelerated integration of the Originating Institution with Mastercard. The partnership will provide a platform capable of combining data, business rule management, and API orchestration. It will also ensure an agile implementation approach, eliminating the need for time-consuming technical integrations and onboarding.

Alberto Rosati, CEO, GFT Mexico & LATAM SSC, said the combination of technology and business is a game-changer in the sector. GFT integrates tools between platforms regardless of the technology used in banks with its architecture construction in a Cloud environment.

“Mastercard will provide enhanced service to its partners and clients, GFT operates the technology, integrating the entire international ecosystem.”

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The collaboration between Mastercard Cross-Border Services and GFT is said to enhance efficiency, agility, and cost reduction throughout the implementation and ownership phases.