Boubyan Bank and Mastercard partner on remittance transfers
KUWAIT: Boubyan Bank and Mastercard have partnered to simplify and speed up cross-border remittance payments. Through Mastercard Cross-Border Services, Boubyan Bank customers are now given greater choice and flexibility when sending money to destinations around the world.
Through the partnership, Mastercard Cross-Border Services is now available on Boubyan Bank’s mobile application, allowing users to seamlessly transfer money. Through a single connection, users can send money in a swift and secure manner to beneficiary bank accounts, mobile wallets or cash-out points globally. While previously, customers were only able to send funds through an exchange house, both retail and corporate customers at Boubyan Bank can complete near real-time transfers at competitive rates to over 35 countries wherever they are, any time of the day.
J K Khalil, cluster general manager, MENA East, Mastercard, said: “Remittances continue to play an integral part in the global economic recovery and are a vital service for those in this region, in particular, and their beneficiaries around the world. Boubyan Bank joins a growing list of global partners working with Mastercard to offer people and businesses a more certain and secure way to pay and get paid across borders. This partnership further expands our multi-rail proposition through the Mastercard payments matrix as we enable money to be sent how, where and when people choose.”
Abdullah Al-Mejhem, chief consumer & private banking officer at Boubyan Bank, said: “We are pleased to collaborate with one of the world’s largest known companies for instant cross-border transfers such as Mastercard, and what this partnership can provide to our customers in terms of distinguished services when making money transfers to more than 35 countries around the world from while using the Boubyan App.”
Mastercard’s Cross-Border Services enable banks, fintechs, mobile network operators and exchange houses to modernize remittances with a network footprint in around 140+ countries and real time transfers to 40+ countries. Bolstered by the acquisition of Transfast in 2019, Mastercard enables its partners to better respond to the challenges in a post-pandemic world by providing safe, convenient ways to send and receive money nearly anywhere in the world.
Al-Mejhem added that this partnership stems from the recent developments in the banking sector, where there has become an imperative that calls for our investment in many of our digital channels to provide new and distinctive services, especially for our customers, in order to meet their needs and to complete all financial transactions instantly in a safe and fast manner.