Global payments giant Mastercard has unveiled plans to realign its organisational structure, introducing three new divisions and their respective leaders.
The company will reorganise its teams into three interdependent units: Core Payments, Commercial and New Payment Flows, and Services.
CEO Michael Miebach says the move will help the company to “diversify our revenue streams and differentiate our products and solutions”.
The Core Payments unit, described by Mastercard as the “foundation of the company”, is to be led by the company’s chief digital officer Jorn Lambert, who moves to the position of chief product officer (CPO). The division will encompass core payments, associated products and platforms, and the enterprise’s full suite of real-time payments services.
Former BlackRock exec Raj Seshadri will head up Mastercard’s Commercial and New Payment Flows unit and has been promoted to the role of chief commercial payments officer. This department will prioritise the company’s solutions for remittances and disbursements, B2B accounts payables and receivables, commercial cards, and non-carded bill payments. Additionally, it will also encompass Mastercard’s offerings tailored to the healthcare sector.
Mastercard’s Services unit will be headed by Craig Vosburg as chief services officer. Vosburg has held the role of CPO at the company for the last three years. This division will combine Mastercard’s existing Cyber and Intelligence, Data and Services, and Open Banking teams, and will be tasked with overseeing fraud management, risk mitigation, and cybersecurity.
Furthermore, the company has established a new Data and AI team, which will also be overseen by Vosburg and led by Greg Ulrich as chief AI and data officer. The team will concentrate on leveraging AI and data for both internal and external applications, ultimately aiming to commercialise the tech.
In addition to the firm’s restructuring plans, which are set to come into play on 1 May, Mastercard has also revealed that Ajay Bhalla, its president of cyber and intelligence, will retire after more than 30 years with the company.
Source: fintechfutures.com
