How Mastercard Move & ACE Partner on Cross-Border Payments
ACE Money Transfer, a global remittance service provider, has announced a partnership with Mastercard Move, Mastercard's suite of domestic and international money movement solutions, to enable near real-time cross-border payments across major markets.
The collaboration will allow ACE customers in the UK, Australia, Canada, and Europe to make rapid transfers to recipients in India, Norway, Denmark, Sweden, and countries within the Single Euro Payments Area (SEPA) – a payment integration initiative that simplifies bank transfers denominated in euro.
Multiple payout options enhance flexibility
“Our collaboration with Mastercard reflects our dedication to providing fast, reliable, and secure money transfer services. Together, we aim to foster access to essential financial services, helping communities grow through meaningful connections”
Recipients will have flexibility in how they receive funds, with options including bank accounts, payment cards, mobile wallets – digital applications that store payment information securely on smartphones – or cash collection, depending on local market capabilities.
The service will support six payout currencies, including Euros and Indian Rupees, broadening the utility for various recipient needs across different regions.
Customers in the UK, Australia, and Europe will gain additional functionality through the ability to fund their transfers to India and SEPA countries using Mastercard payment cards, creating an end-to-end payment experience within the ACE platform.
Expanding global remittance capabilities
ACE Money Transfer currently provides remittance services to over 100 countries, serving 1.3 million customers worldwide.
The company operates through a network of offices across the UK, Europe, Australia, Pakistan, and Bangladesh.
The firm has established itself within the remittance sector through its integration of open banking – a banking practice that provides third-party financial service providers access to consumer banking data through APIs – using this technology to enhance financial accessibility and service offerings.
Rashid Ashraf, CEO of ACE Money Transfer, says: “Every remittance sent tells a story of support for families separated by distance.
“Our collaboration with Mastercard reflects our dedication to providing fast, reliable, and secure money transfer services. Together, we aim to foster access to essential financial services, helping communities grow through meaningful connections.”
Extending Mastercard's payment network reach
The collaboration leverages Mastercard Move's extensive payment infrastructure to facilitate these transfers.
Mastercard Move provides financial institutions and their customers with money transfer solutions both domestically and internationally.
The service connects to nearly 10 billion endpoints worldwide, creating a vast network for financial transactions across borders.
This infrastructure spans more than 180 countries and supports over 150 currencies, reaching more than 95% of the global banked population.
This partnership addresses the critical need for efficient remittance services, which many communities rely on for essential financial support from family members working overseas.
Tulsi Narayan, Head of Commercial & New Payment Flows Europe at Mastercard, says: “Millions of people and communities around the world rely on remittances from friends and family working overseas to help meet their financial needs, whether that's food, housing or education.
“We're committed to bringing ease, speed and security to the remittance experience for our customers, and through this collaboration we're doing just that.”
Exploring ACE Money Transfer
ACE Money Transfer has established itself as a significant player in the global remittance market, currently serving 1.3 million customers worldwide.
The company provides money transfer services to over 100 receiving countries, facilitating essential financial connections between people across continents.
With a strategic network of offices spread across the UK, Europe, Australia, Pakistan, and Bangladesh, ACE has positioned itself in both sending and receiving markets, allowing for comprehensive service coverage.
This geographic footprint enables ACE to understand the needs of both senders and receivers in the remittance process.
The company has built its reputation partly through its adoption of open banking technologies. By embracing these financial innovations, ACE has worked to improve accessibility to financial services for its customers.
This focus on technological integration aligns with broader industry trends toward digital transformation in the remittance sector.
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