SBM Bank India, Mastercard to facilitate cross border transactions, remittances

SBM Bank India is the first bank to receive universal banking licence from the RBI.

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.”

SBM Bank India is the first bank to receive 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 a API (application programme interface) infrastructure company. The company works with banks and financial institutions as product providers.