Mastercard further extends payment network with acquisition of Transfast

The deal strengthens Mastercard’s wide range of payment solutions and its global network, with Transfast reaching 90% of the population and over 90% of the world’s bank accounts, according to the press release.

Today, Mastercard announced the completion of the acquisition of Transfast, a global payments company with significant cross-border network reach. Mastercard originally declared the intent to buy Transfast on March 8, 2019.

Stephen Grainger, Executive Vice President, Mastercard comments:
“Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally. 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% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”

„The acquisition allows Mastercard to service businesses and organisations across a wider variety of sectors with different needs. This includes businesses paying suppliers and employees across borders.”, the company said.

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Transfast is a global cross-border payments network provider with more than 800 employees, serving over 125 countries across Asia, Europe, Africa, Americas and Australia. Transfast’s proprietary payment network, consisting of direct integrations with 300+ banks and other financial institutions enables person-to-person, business-to-person and business-to-business payments services to the company’s partners via APIs, SFTP, web and mobile product applications.

Transfast’s applications deliver compliance, risk management, currency conversion, liquidity management and multi-format messaging solutions to the clients, which include banks, financial institutions, e-commerce companies, and service marketplaces, as well as small businesses and individual consumers.