Mastercard has completed the acquisition of Transfast. — Source ShutterStock

Mastercard has completed the acquisition of Transfast, a global payments company with significant cross-border network reach.

The acquisition builds on Mastercard’s strength in payments and drives improved transparency and certainty in cross-border transactions, enabling people and businesses to send and receive money beyond borders with greater speed and ease.

Transfast will enable Mastercard to continue servicing the growing needs of consumers and businesses as well as governments and merchants in cross-border transactions.

Stephen Grainger, executive vice president of Mastercard, said: “People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90 per cent of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”

Samish Kumar, CEO of Transfast, said: “Mastercard’s global reach complements our own network across over 100 countries, and together we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth.” — VNS