Mastercard acquired Dubai-based Transfast.

Mastercard acquired Dubai-based Transfast, a global cross-border account-to-account money transfer network. Financial terms were not disclosed. “We believe Transfast gives us the strongest platform to immediately enhance our cross-border capabilities and further deliver on our strategy,” said Michael Miebach, chief product officer for Mastercard. “The addition of Transfast adds to our leading position in meeting business, government and consumer payments needs – whether B2B, P2P or other flows. Today’s news cements our collaboration and sets the stage to provide our customers a unique, ready-to-go solution upon closing.”