SBM Bank partners with MasterCard for smarter payments solutions

Private lender, SBM Bank (India) Ltd has partnered with Mastercard to revolutionize domestic and cross-border payments and remittances services. The SBM Bank India customers will be able to make real-time domestic business-to-consumer transfers quickly and efficiently using ‘Mastercard Send’.

The Bank has been leading the collaboration narrative to access the best-in-class solutions with its switching partner, YAP. YAP is an API (application programme interface) infrastructure company. The company works with banks and financial institutions as product providers.

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SBM Bank India is the first bank to receive a universal banking licence from the RBI to set up and operate as a scheduled commercial bank through the wholly-owned subsidiary mode. The bank has a network of six branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram.

Important takeaways for all competitive exams:

• SBM Bank CEO: Parvataneni Venkateswara Rao.
• SBM Bank Headquarters: Port Louis, Mauritius.
• Mastercard CEO: Ajaypal Singh Banga.
• Mastercard Headquarters: New York, United States.

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