FinXP Collaborates with Mastercard to Launch Cross-Border Payment Solutions

By | November 9, 2023
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FinXP, a European payments and banking solutions provider, announced strategic collaboration with Mastercard to introduce an innovative cross-border payment solution, named FinXP PLUS. By leveraging Mastercard’s Cross-Border Services, FinXP will be tapping into the extensive Mastercard network, thereby providing its global customer base with unparalleled access to a new range of payment possibilities.

FinXP PLUS is set to modernize corporate cross-border payments by providing a proprietary platform that facilitates secure transactions to over 100 countries, supporting multiple currencies, including USD, GBP, EUR, CAD, CHF, TRY, PLN, SEK, DKK, NOK, PHP, COP and more. One of the standout features of the service is its support for multi-channel transfers, empowering merchants to make payouts to bank accounts, cards, e-wallets, as well as cash-out locations. This versatility ensures that clients have the flexibility required to adapt to different payment preferences around the world.

The new service integrates with FinXP’s best-in-class Euro IBAN service called IBAN4U, which provides dedicated corporate accounts complemented with Mastercard debit cards. Therefore, FinXP PLUS users will benefit from a comprehensive account solution enabling them to receive payments, make payouts, as well as use their funds via a physical debit card.

Through this partnership, FinXP will extend access to Mastercard’s network to its diverse clientele, which includes e-commerce enterprises, professional services firms, as well as reputable merchants hailing from specialised sectors such as blockchain, fintech, iGaming and nutraceuticals.

“Our latest collaboration with Mastercard reinforces our commitment to offer merchants with a seamless payment experience, that means the ability to make fast and reliable payments at a cost-efficient price with an easy-to-use platform. We are very excited about launching the new service especially since it offers so many payout capabilities in just a single solution. Of course this would not have been possible without partnering with a payments leader like Mastercard,” Jens Podewski, co-founder and CEO of FinXP, said.

Chris Denny, COO at FinXP, said: “Through this new service we are able to present a much stronger value proposition not just to our current clients but also in new markets that we are entering such as international remittance, travel and marketplaces.”

Dr. Peter Robejsek, country manager at Mastercard, said: “In the current climate, having fast, reliable access to funds at a reasonable cost has never been more crucial. Our partnership with FinXP will provide its customers with a safe, simple and reliable cross-border payments experience, regardless of whether they want to send money to a bank account, card, digital wallet or cash withdrawal location.”

Mastercard’s suite of remittance-related products enables payments using Mastercard’s global network to be delivered to bank accounts, digital and mobile wallets, card and cash across more than 180 countries and 150 currencies. In total, these services provide senders with access to more than 90% of the world’s banked population and in near real-time to more than 50 markets.

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