Mastercard (NYSE:MA) and Dubai Islamic Bank (DIB) have unveiled a new partnership aimed at revolutionizing cross-border payments for both peer-to-peer (P2P) and business-to-business (B2B) transactions. The service, which was announced today, leverages Mastercard’s Cross-Border Services to provide customers with guaranteed exchange rates and the full value of their transfers without any deductions.

This strategic alliance marks DIB’s first innovation-driven business venture into the realm of international remittances, enhancing the bank’s offerings to its customers. With this service, DIB can now facilitate real-time remittances through digital channels across over 40 countries, meeting urgent financial needs with efficiency and reliability.

Dr. Adnan Chilwan, Group CEO of DIB, stated that this collaboration is in line with the bank’s mission to construct a seamless payment infrastructure that integrates with Mastercard’s global expertise. The service aims to cater to a broad customer base, including reaching 95% of global bank accounts and approximately 350,000 cash pickup points, which is particularly beneficial for underbanked populations.

Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, highlighted the company’s commitment to delivering fast, secure, and cost-effective international money transfers. To increase customer confidence in the service, users will have access to real-time transaction status tracking for improved transparency throughout the transfer process.