Corpay, Inc. and Mastercard Inc. are expanding their partnership to allow near real-time payments to 22 new markets across Asia, Europe, the Middle East, Africa, and Latin America. The move builds on a decade-long collaboration and aims to provide faster, more secure cross-border transactions using Mastercard Move’s platform.

The initiative leverages Mastercard Move’s global network to facilitate cross-border transactions, as the value of such payments is projected to exceed $250 trillion by 2027. Pratik Khowala of Mastercard emphasized the commitment to empowering people and businesses in an interconnected world, while Mark Frey of Corpay highlighted the benefits of the expanded collaboration for businesses.

The agreement also extends access to Mastercard Move’s services for Corpay’s small and mid-sized business customers, spanning over 200 countries and territories and handling over 150 currencies. In August, Corpay reported strong second-quarter earnings, exceeding estimates and raising its full-year adjusted EPS and sales outlook.

CPAY shares were trading higher by 1.55% premarket, while MA was up 0.38%. The collaboration aims to bring greater efficiency, affordability, and real-time capabilities to cross-border payments, with a focus on empowering businesses in a connected world.

Read more at Yahoo Finance: Corpay And Mastercard Just Made Global Payments Faster