Mastercard has entered an agreement with BMO Bank of Montreal to implement Mastercard Send, which will allow faster cross-border payments for its Canadian-based business and commercial banking clients, according to a company release.

Mastercard Send will allow the bank to move cross-border payments to bank accounts in more than 75 countries worldwide. Initially focused on bank accounts, the service eventually will allow payments to mobile wallets and card accounts, as well.

"Consumers today expect quicker access to their funds, but businesses face numerous challenges when making cross border payments," Brian Lang, president of Mastercard in Canada, said in the release. "Mastercard Send helps banks modernize their cross-border services and deliver a better experience to their clients.”

Sharon Haward-Laird, head of North American treasury and payment solutions at BMO Bank, said the bank has a long history of working in the cross-border payment area.

"As a result we have a deep understanding of the complexities involved in running a cross-border business, including as it relates to payments," she said. "And this latest offering with Mastercard Send reflects our commitment to providing customers with solutions that deliver against their changing expectations and needs."