NBVI partners with Mastercard for fast and secure cross-border payments

The following is a media release from the National Bank of the Virgin Islands.

Monday, September 2, 2024 – Today, the National Bank of Virgin Islands (NBVI) announces the implementation of Mastercard Cross-Border Services, a service within the Mastercard Move portfolio of money transfer solutions.

This integration connects NBVI to a global platform for international payments through a single, secure point of access enabling NBVI senders to reach more than 35 countries, most of them in near real-time, making money movement seamlessly. Businesses and consumers are increasingly looking for ways to send money across the globe quickly and securely. Mastercard’s research shows that 30% of people and small businesses using international payments are discouraged by restrictions in destination countries and limited options for delivering funds by the recipient’s preferred method.

With Mastercard Cross-Border Services, NBVI can now seamlessly transfer funds on behalf of individual and business customers to recipients in various destinations, including:

• Canada
• Dominican Republic
• SEPA
• Hong Kong
• Jamaica
• Philippines
• United Kingdom
• United States of America

Senders and beneficiaries will benefit from Mastercard Cross-Border Services’ suite of benefits including faster transaction times and enhanced security measures.

“We are thrilled to introduce our new cross-border payment solution, revolutionising global transactions for businesses and individuals. With secure, efficient, and cost-effective options, we empower our customers to thrive in the global marketplace, reaffirming our commitment to delivering cutting-edge financial services,” said Joy N. Penn Chief Executive Officer National Bank of the Virgin Islands.

“With Mastercard Move’s comprehensive money transfer solutions, we’ve designed a more efficient way to power inclusive growth across the Caribbean,” said Dalton Fowles, Country Manager for Jamaica, Trinidad and Tobago, Barbados, and the Eastern Caribbean at Mastercard. “Our diverse range of solutions helps people and businesses around the world transfer money across different countries through fast and frictionless payment experiences —whether it’s a person sending money to family or friends or a small business paying a supplier.”

Mastercard Move is Mastercard’s portfolio of money movement capabilities powering a variety of payment experiences, including person-to-person payments, business payments and disbursements, both domestically and internationally. Mastercard Move spans more than 180 countries and 150+ currencies, covering bank accounts, digital wallets, card and cash endpoints.

NBVI will implement Mastercard Cross-Border Services through the Finastra/IBIS Technology Integration Partnership.

The bank will benefit from the expertise of both Finastra, one of the largest Fintech companies in the world, and IBIS, who possess an extensive understanding of straight-through payment processing and reporting needs of financial institutions around the world.