03:59 AM EDT, 10/21/2024 (MT Newswires) -- Mastercard ( MA ) said Sunday it has introduced Mastercard Move Commercial Payments, a new offering designed to facilitate near real-time, predictable and transparent commercial cross-border payments.

The company said the key features of the offering include near real-time payments available 24/7, flexible settlement options, a multilateral arrangement to reduce counterparty risk, and integration with banks' existing Swift messaging systems, making it easy to expand into new corridors and currencies.

It added that its product is also compatible with current banking systems, enabling large clearing banks to offer the service with minimal changes to existing processes.

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