MasterCard and financial services company Western Union have formed a partnership to launch an international payments service to help small and medium-sized businesses conduct cross-border trade.
All companies that use the MasterCard Business Network website will have access to the service, with Western Union Business Solutions providing the direct foreign exchange capability.
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Only available in the US, SMEs will be able to send international payments in over 135 currencies directly from their bank account to an overseas recipient from a computer, tablet or mobile phone.
Group head of US Commercial Products at MasterCard, Jay Singer, said: "At MasterCard, our goal is to help small and medium-sized businesses compete and succeed in an increasingly global market by providing the resources, tools and products they need to thrive."
"Our new service with Western Union will give these businesses an added option for situations when a vendor may not accept credit card payments, or when business card limits may be insufficient for a specific invoice," he concluded.
This venture follows a global agreement made by MasterCard and Western Union in 2011 to make electronic payments more convenient and efficient for consumers.
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