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Mastercard completes acquisition of cross-border payments firm Transfast

Mastercard said it completed its acquisition of cross-border payments firm Transfast, which it originally agreed to buy in March following the end of a bidding war over Earthport. 

Mastercard officials said the Transfast deal will help the company serve the needs of consumers, businesses, merchants and governments by enabling faster and more transparent cross-border funds transfers, according to a press release. 

"Today's announcement is an exciting milestone for Mastercard in helping to further build democratized access to predictable and faster payments globally," Stephen Grainger, executive vice president at the card company, said in the press release. "People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements."

Mastercard dropped out of the bidding for cross-border payments firm Earthport and rival Visa emerged victorious, completing the deal in May.