Mastercard and Cairo Amman Bank Join Forces to Transform Cross-Border Payments in Jordan

Mastercard and Cairo Amman Bank Join Forces to Transform Cross-Border Payments in Jordan

Mastercard has recently joined forces with Cairo Amman Bank to revolutionize cross-border money transfers for customers in Jordan. This partnership is set to enhance financial inclusion and create a more accessible digital economy for Jordanian residents by enabling seamless fund transfers to 37 countries worldwide.

About the Partnership

As a leader in global payment solutions, Mastercard is well-known for its innovative payment technology that facilitates safe and efficient money movement across the globe. The collaboration with Cairo Amman Bank, a prominent financial institution in Jordan, aims to modernize the country’s financial sector and provide innovative banking solutions to both personal and business customers.

Key Features of the Mastercard and Cairo Amman Bank Collaboration

  • Mastercard Move Platform: The partnership will leverage Mastercard’s advanced Move platform, which supports various payment experiences for personal and business transactions.
  • Global Connectivity: The Move platform connects to nearly 10 billion endpoints worldwide, ensuring quick and secure transfers.
  • Value-added Services: Mastercard will offer tailored services, including fraud analytics and risk control, to meet the specific needs of Cairo Amman Bank.

Enhancing Cross-Border Payments

This collaboration aligns with Mastercard’s broader mission to build robust payment ecosystems across the Middle East. By addressing challenges in cross-border payments, the partnership aims to enhance security and convenience for local businesses and consumers.

According to the World Bank, Jordan’s remittance value reached $4.94 billion in 2023, highlighting its significance in the global remittance market.

Statements from Leadership

Dr. Kamal Al-Bakri, CEO of Cairo Amman Bank, stated, “At Cairo Amman Bank, we are dedicated to providing our customers with faster and safer transfers. This partnership with Mastercard will empower us to enhance our payment capabilities and strengthen our position in Jordan’s financial sector.”

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Adam Jones, Division President for West Arabia at Mastercard, added, “Our partnership with Cairo Amman Bank is crucial for delivering convenient and secure cross-border payment solutions to Jordan. Together, we aim to provide local businesses and consumers with the confidence to navigate the global market.”

Conclusion

The collaboration between Mastercard and Cairo Amman Bank represents a significant step towards improving the landscape of cross-border payments in Jordan. As financial technology continues to evolve, such partnerships are essential for fostering a more inclusive digital economy.

For more information about Mastercard’s initiatives and updates in financial technology, visit their official website.

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