Mastercard signed a deal with Bank of Shanghai to enable cross-border payments that will allow businesses from almost every part of the world to send funds to China rapidly, at a lower cost and get real-time currency exchange rates.

Mastercard said the deal will let businesses use Mastercard cross-border services to almost any bank in China without the need for extensive documentation and process delays.

"China is a critical market for Mastercard's customers, so so we are delighted that Bank of Shanghai will help us advance the modernization of cross-border payments into China," Stephen Grainger, executive vice president, new payment platforms at Mastecard, said in a company release. "Our cross-border services will enable our global partners to deliver a more convenient, cost effective and certain payment experience for people and businesses everywhere."

HuangTao, vice chairman at Bank of Shanghai, said cross border payments has always been a core part of the bank and added that the current business climate has heightened the demand for such a service.

"Now more than ever, it is critical for us to support our customers' international trade requirements, ensuring efficient and timely cross-border payments," Tao said.