The deal was first announced in March and the terms of the deal have not been disclosed.
The deal will help Mastercard enter into the account-to-account space, enhancing compliance capabilities and offering more robust foreign exchange tools and as well bolster Mastercard Send solution for businesses and person-to-person payment services.
According to Michael Miebach, chief product officer for Mastercard, “The addition of Transfast adds to our leading position in meeting business, government and consumer payments needs – whether B2B, P2P or other flows. Today’s news cements our collaboration and sets the stage to provide our customers a unique, ready-to-go solution upon closing.”
The deal will support financial institutions, digital platforms and other partners as they provide people and businesses the ability to send and receive money how and when they want to virtually any endpoint across more than 100 markets.
The deal will also help businesses increase compliancy, reduce remittance costs, increase speed of transactions and bring greater transparency and certainty in transactions.
“There are substantial synergies with Mastercard for even further growth across our products,” said Samish Kumar, CEO of Transfast. “Over the past 12 years, we have grown our capabilities to connect, track and settle transactions with almost every bank around the world via our curated and extensive network. We’ve worked in support of Mastercard Send and this feels like the natural next step in our relationship.”