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Mastercard (MA) Enhances Cross-Border Payment Offering of DIB
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Mastercard Incorporated (MA - Free Report) recently collaborated with Dubai Islamic Bank (“DIB”) to impart the latter with the ability to provide cross-border payment services for peer-to-peer and business-to-business fund transfers. DIB will be equipped with such enhanced capabilities through the utilization of the Mastercard Cross-Border Services platform.
The Mastercard platform makes use of one secure connection and leverages lucrative features, such as guaranteed exchange rates and transfer of the full value devoid of any deduction, to bring about prompt money transfers across 140-plus countries. Speedy and effective money transfers are a dire need to address the emergent financial needs of customers.
The solution is also infused with the element of transparency for which a real-time tracking feature remains in place on the back of which users can keep track of their transaction.
The platform has an extensive payout reach to 95% of bank accounts across the globe. Apart from bank account payouts, money can also be paid out in mobile wallets and cards. The solution also takes care of the money transfer needs of the unbanked and underbanked population through an ever-growing global network of cash pickup locations of around 350,000.
The recent tie-up seems to be a win-win partnership for both Mastercard and DIB. The increased utilization of MA’s solutions is likely to boost its revenues, solidify its presence across the worldwide cross-border payments market and widen its global customer base. The tech giant remains the preferred partner of choice for enabling quick money transfers owing to its upgraded technology, global expertise and a credible cross-border services suite built through collaborations and substantial investments.
The benefits of the partnership will be reaped by DIB in the form of being able to offer digital remittances via its digital channels in more than 40 countries of the world. This, in turn, may boost the customer offering and global reach of the bank. Several financial services providers leverage the Mastercard Cross-Border Services platform for powering their customers with increased speed, choice and convenience in money transfers across the deepest corners of the world while simultaneously assuring the safety and control of transactions as well.
Mastercard has always promoted digitization of the money movement process, owing to its ease and cost-effective nature. A booming digital economy further provides an impetus to upgrade its cross-border services portfolio. Not only does the tech giant promote widespread adoption of digital means but it also takes care of frauds, which often come in handy with digital transactions, with effective fraud prevention services.
On the same day of announcing the partnership with DIB, Mastercard also teamed up with Saudi Awwal Bank ("SAB"). The bank will be able to use the tech giant’s advanced AI-based cybersecurity technology to shield Saudi Arabia’s customers from cybercrimes and payment frauds, and subsequently, bring about safe digital transactions across the country.
Shares of Mastercard have gained 14.8% in the past year compared with the industry’s 10.2% growth. MA currently carries a Zacks Rank #3 (Hold).
The bottom line of Barrett Business Services outpaced estimates in each of the last four quarters, the average surprise being 73.95%. The Zacks Consensus Estimate for BBSI’s 2023 earnings suggests an improvement of 8.6% from the year-ago reported figure. The same for revenues suggests growth of 3.9% from the year-ago reported number. The consensus mark for BBSI’s 2023 earnings has moved 4.7% north in the past 30 days.
APi Group’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 5.94%. The Zacks Consensus Estimate for APG’s 2023 earnings suggests an improvement of 18.1% from the year-ago reported figure. The same for revenues suggests growth of 6% from the prior-year reading. The consensus mark for APG’s 2023 earnings has moved 2.6% north in the past seven days.
The bottom line of FTI Consulting outpaced estimates in three of the last four quarters and missed the mark once, the average surprise being 8.47%. The Zacks Consensus Estimate for FCN’s 2023 earnings suggests an improvement of 2.1% from the year-ago reported figure. The same for revenues suggests growth of 11.6% from the year-ago reported number. The consensus mark for FCN’s 2023 earnings has moved 2.5% north over the past 30 days.
Shares of Barrett Business Services, APi Group and FTI Consulting have gained 9.4%, 49% and 33.6%, respectively, in the past year.
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Mastercard (MA) Enhances Cross-Border Payment Offering of DIB
Mastercard Incorporated (MA - Free Report) recently collaborated with Dubai Islamic Bank (“DIB”) to impart the latter with the ability to provide cross-border payment services for peer-to-peer and business-to-business fund transfers. DIB will be equipped with such enhanced capabilities through the utilization of the Mastercard Cross-Border Services platform.
The Mastercard platform makes use of one secure connection and leverages lucrative features, such as guaranteed exchange rates and transfer of the full value devoid of any deduction, to bring about prompt money transfers across 140-plus countries. Speedy and effective money transfers are a dire need to address the emergent financial needs of customers.
The solution is also infused with the element of transparency for which a real-time tracking feature remains in place on the back of which users can keep track of their transaction.
The platform has an extensive payout reach to 95% of bank accounts across the globe. Apart from bank account payouts, money can also be paid out in mobile wallets and cards. The solution also takes care of the money transfer needs of the unbanked and underbanked population through an ever-growing global network of cash pickup locations of around 350,000.
The recent tie-up seems to be a win-win partnership for both Mastercard and DIB. The increased utilization of MA’s solutions is likely to boost its revenues, solidify its presence across the worldwide cross-border payments market and widen its global customer base. The tech giant remains the preferred partner of choice for enabling quick money transfers owing to its upgraded technology, global expertise and a credible cross-border services suite built through collaborations and substantial investments.
The benefits of the partnership will be reaped by DIB in the form of being able to offer digital remittances via its digital channels in more than 40 countries of the world. This, in turn, may boost the customer offering and global reach of the bank. Several financial services providers leverage the Mastercard Cross-Border Services platform for powering their customers with increased speed, choice and convenience in money transfers across the deepest corners of the world while simultaneously assuring the safety and control of transactions as well.
Mastercard has always promoted digitization of the money movement process, owing to its ease and cost-effective nature. A booming digital economy further provides an impetus to upgrade its cross-border services portfolio. Not only does the tech giant promote widespread adoption of digital means but it also takes care of frauds, which often come in handy with digital transactions, with effective fraud prevention services.
On the same day of announcing the partnership with DIB, Mastercard also teamed up with Saudi Awwal Bank ("SAB"). The bank will be able to use the tech giant’s advanced AI-based cybersecurity technology to shield Saudi Arabia’s customers from cybercrimes and payment frauds, and subsequently, bring about safe digital transactions across the country.
Shares of Mastercard have gained 14.8% in the past year compared with the industry’s 10.2% growth. MA currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the Business Services space are Barrett Business Services, Inc. (BBSI - Free Report) , APi Group Corporation (APG - Free Report) and FTI Consulting, Inc. (FCN - Free Report) . While Barrett Business Services sports a Zacks Rank #1 (Strong Buy), APi Group and FTI Consulting carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Barrett Business Services outpaced estimates in each of the last four quarters, the average surprise being 73.95%. The Zacks Consensus Estimate for BBSI’s 2023 earnings suggests an improvement of 8.6% from the year-ago reported figure. The same for revenues suggests growth of 3.9% from the year-ago reported number. The consensus mark for BBSI’s 2023 earnings has moved 4.7% north in the past 30 days.
APi Group’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 5.94%. The Zacks Consensus Estimate for APG’s 2023 earnings suggests an improvement of 18.1% from the year-ago reported figure. The same for revenues suggests growth of 6% from the prior-year reading. The consensus mark for APG’s 2023 earnings has moved 2.6% north in the past seven days.
The bottom line of FTI Consulting outpaced estimates in three of the last four quarters and missed the mark once, the average surprise being 8.47%. The Zacks Consensus Estimate for FCN’s 2023 earnings suggests an improvement of 2.1% from the year-ago reported figure. The same for revenues suggests growth of 11.6% from the year-ago reported number. The consensus mark for FCN’s 2023 earnings has moved 2.5% north over the past 30 days.
Shares of Barrett Business Services, APi Group and FTI Consulting have gained 9.4%, 49% and 33.6%, respectively, in the past year.