Citi, Mastercard Team Up on Cross-Border Debit-Card Payments (1)

Mastercard Inc. and Citigroup Inc. are collaborating to facilitate around-the-clock, cross-border payments with debit cards, giving consumers and companies another way to conduct business worldwide.

Citigroup is the first global bank to use the service, known as Mastercard Move, which will allow users to make transactions such as insurance payouts, airline refunds and e-commerce payments, the companies said Thursday in a statement.

The partnership will “enable our clients to make cross-border payments as though there are no borders, no currencies, no constraints,” Debopama Sen, head of payments for Citi Services, said in the statement.

Facilitating such transactions is a ...