Backbase has announced a strategic partnership with Mastercard to integrate Mastercard Move into its AI-native Banking Operating System, marking a significant expansion of cross-border payment capabilities for financial institutions. Mastercard Move encompasses the card giant’s global money movement infrastructure, enabling real-time transfers across multiple networks and corridors. The integration will allow Backbase’s banking clients to offer enhanced payment services directly through their existing platform infrastructure without building separate connections to Mastercard’s payment rails. Financial institutions using Backbase’s operating system will gain immediate access to Mastercard’s international remittance channels, account-to-account transfers, and disbursement solutions. The collaboration addresses growing demand from banks seeking unified platforms that combine core banking functions with modern payment capabilities. This move positions Backbase to compete more aggressively against both traditional banking software providers and emerging fintech infrastructure players in the rapidly consolidating banking technology sector.
FXnCO Insight
Banks using Backbase can now accelerate their cross-border payment offerings without major infrastructure investments, potentially pressuring standalone remittance providers and payment gateway specialists.
Source: Finextra