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Mastercard restructures with 3 new divisions
In a bid to diversify revenue and enhance product offerings, Mastercard announced a significant reorganization of its company structure. The plan involves creating three new divisions: Core Payments, Commercial and New Payment Flows, and Services.
Core payments
Core Payments, the company’s foundation according to Mastercard itself, will be led by Jorn Lambert, transitioning from chief digital officer to chief product officer. This division will handle core payment functions, related products and platforms, and the entire real-time payments suite.
Commercial and new payment flows
Raj Seshadri, a former BlackRock executive, takes the helm of the Commercial and New Payment Flows unit as chief commercial payments officer. This department focuses on solutions for remittances, disbursements, B2B payments (accounts payable and receivable), commercial cards, non-card bill payments, and healthcare sector offerings.
Services
Craig Vosburg, previously Mastercard’s CPO for three years, will now head the Services unit as chief services officer. This division merges Mastercard’s existing Cyber and Intelligence, Data and Services, and Open Banking teams. It will oversee fraud management, risk mitigation, and cybersecurity.
A new Data and AI team is also being established under Vosburg’s leadership. Led by Greg Ulrich as chief AI and data officer, this team will focus on harnessing AI and data for both internal and external applications, with the ultimate goal of commercializing this technology.
The restructuring takes effect on May 1st. Additionally, Mastercard announced the retirement of Ajay Bhalla, president of cyber and intelligence, after more than three decades with the company.
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