Mastercard and NSPK Entered into a Cooperation Agreement for Development of Cross-Border Services for Instant Transfer Systems

11 October 2019

Mastercard and NSPK entered into a cooperation agreement for development of a cross-border instant payment system at the V Forum of Innovative Financial Technologies FINOPOLIS 2019.

The document was signed by Vladimir Komlev, Chief Executive Officer of NSPK JSC, and Alexey Malinovsky, Head of Mastercard in Russia, in the presence of Roberto Tittarelli, Executive Vice President Global Products and Solutions Europe at Mastercard.

Cross-border instant transfers based on joint solutions will be the next stage in implementing the Instant Payment System (IPS) building strategy and will contribute to the development of the Russian cashless economy. A business team is established consisting of NSPK and Mastercard representatives to implement the agreement.    

“Mastercard is a high tech company, and our efforts around the globe and in Russia are aimed at creating innovative payment instruments and solutions that make transactions more convenient and secure. All over the world, we are striving to provide cardholders with a wide range of payment options,” commented Alexey Malinovsky, Head of Mastercard in Russia. “Cooperation with NSPK to integrate the Instant Payment System via the cross-border transfer service into the Mastercard global instant payment ecosystem will expand these opportunities. The application of Mastercard innovative solutions coupled with our partner’s strengths will enable us to continue the incremental progress towards creation of a cashless world that will benefit citizens, businesses and the state in general.”      

“Creating the IPS, we would like to offer the Russians the cutting edge payment solutions that meet the best international practices and security standards, and speed. Nowadays, a number of unique and globally innovative technology solutions has already been implemented in the IPS. NSPK and Mastercard are teaming up to provide customers of the banks participating in the IPS with the opportunity to perform interbank cross-border instant transfers in the future and that meets their rising expectations for all types of payments, from daily card-to-card payments to business settlement. We have high hopes that our technologies combined with know-how and our partner’s international presence will produce a good synergy effect on all the service participants and users,” said Vladimir Komlev, Chief Executive Officer of NSPK JSC.