Mastercard Further Extends Payment Network with Acquisition of Transfast
July 09 2019 - 5:59AM
Business Wire
- The acquisition will enable partner banks to service consumers,
businesses, governments and merchants effectively and efficiently,
allowing them to send and receive money cross-border.
- 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.
- The deal will further drive financial inclusion, offering broad
access to payments globally.
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.
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. It builds on
Mastercard’s strategy to offer choice to its customers through the
expansion of the Mastercard global network. This move adds to
Mastercard’s leading position in meeting business, government and
consumer payment requirements, whether it’s business to business,
person to person or other payment flows.
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.”
Increasingly, people and businesses across the globe want
timely, reliable and cost-effective ways to pay and get paid. 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.
Samish Kumar, CEO, Transfast comments:
“This is a pivotal day for Transfast as we embark on the natural
next step in our journey. 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. Alongside Mastercard, we look forward to developing new
innovations and products to support people and businesses to
predict and plan when they pay people and get paid, enabling them
to thrive.”
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
About Transfast
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. Our 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
our partners via APIs, SFTP, web and mobile product applications.
Our applications deliver compliance, risk management, currency
conversion, liquidity management and multi-format messaging
solutions to our clients, which include banks, financial
institutions, e-commerce companies, and service marketplaces, as
well as small businesses and individual consumers.
Transfast is now owned by Mastercard.
Forward-Looking Statements
This press release contains forward-looking statements pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical facts may be forward-looking statements. When used in
this press release, the words “believe,” “expect,” “could,” “may,”
“would,” “will,” “trend” and similar words are intended to identify
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements that relate to
Mastercard’s future prospects, developments and business
strategies, as well as Mastercard’s acquisition and operation of
Transfast’s business. We caution you to not place undue reliance on
these forward-looking statements, as they speak only as of the date
they are made. Except for the company’s ongoing obligations under
the U.S. federal securities laws, the company does not intend to
update or otherwise revise the forward-looking information to
reflect actual results of operations, changes in financial
condition, changes in estimates, expectations or assumptions,
changes in general economic or industry conditions or other
circumstances arising and/or existing since the preparation of this
press release or to reflect the occurrence of any unanticipated
events.
Many factors and uncertainties relating to the transaction, our
operations and our business environment, all of which are difficult
to predict and many of which are outside of our control, influence
whether any forward-looking statements can or will be achieved. Any
one of these factors could cause our actual results or the impact
of the acquisition to differ materially from those expressed or
implied in writing in any forward-looking statements made by
Mastercard or on its behalf.
For additional information on other factors related to
Mastercard’s overall business that could cause Mastercard’s actual
results to differ materially from expected results, please see the
company’s filings with the Securities and Exchange Commission,
including the company’s Annual Report on Form 10-K for the year
ended December 31, 2018, and any subsequent reports on Forms 10-Q
and 8-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20190709005419/en/
Ellie Fixter, ellie.fixter@mastercard.com
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