Mastercard has partnered with Backbase to integrate its Mastercard Move service into Backbase's banking operating system, aiming to enhance near real-time cross-border payment capabilities for financial institutions. This collaboration will initially target banks in the EU, Middle East, and North Africa, streamlining international payment solutions and improving customer experience.
The integration of Mastercard's Move service into Backbase's banking OS is a strategic move to streamline cross-border payments, offering financial institutions reduced implementation complexity and faster time-to-market for international payment solutions. This could be a pivotal development for banks in the EU, Middle East, and North Africa looking to enhance their digital payment capabilities and compete with nontraditional digital-first players.