NE BUSINESS BUREAU
MUMBAI, JULY 6
Government of Mauritius-promoted SBM Bank India and global payments technology major Mastercard have joined hands to facilitate cross-border payments and remittances services, a statement said on Monday.
The SBM Bank India customers will be able to make real-time domestic business-to-consumer transfers quickly and efficiently using ‘Mastercard Send’, the statement said.
Remittances and payments businesses have become the cornerstone of SBM Bank India’s growth strategy.
As banking evolves to become more personal, platform-agnostic, and always-on, the Bank has been leading the collaboration narrative to access the best-in-class solutions with its switching partner, YAP, the statement said.
Neeraj Sinha, Head-Retail & Consumer Banking, SBM Bank (India), said, “Mastercard Send is a secured and innovative solution – crafted to modernize domestic and cross-border payments and remittances.”
Benjamin Gilbey, Senior Vice President, Digital Payments and Labs, Asia Pacific, Mastercard said, “The partnership with SBM Bank Ltd, powered by Mastercard Send, allows their customer base to offer quick, convenient and secure payments experiences. This partnership is another example of how Mastercard Send is providing innovative new solutions for people all around the world, enabling them to send and receive money, when, where and how they choose.”
Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, “As India continues to evolve as a digital economy, there is a need for simple, safe, and real-time solutions that allow merchants, businesses and consumers to make and receive payments.”
Madhusudanan, Co-Founder, YAP said, ”In the mobile-first world, safe, secure and reliable transactions are imperative to the adoption of digital payments, Mastercard Send is a shining example exemplifying the same, we are glad to be powering this for SBM Bank and its partners as part of our API platform.”
SBM Bank India is the first bank to receive a universal banking licence from the RBI to set up and operate as a scheduled commercial bank through the wholly-owned subsidiary mode.
The bank has a network of six branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad, and Ramachandrapuram.
YAP is an API (application programme interface) infrastructure company. The company works with banks and financial institutions as product providers.
