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January 21, 2022

Mastercard unveils a Next-Generation Virtual Card Solution for Instant B2B Payments.


Mastercard

Purchase, NY, January 20, 2022 — Mastercard today announced the launch of Mastercard TrackTM Instant Pay, a next-generation virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices. Mastercard’s open-loop B2B network is integrated with Mastercard Track Business Payment Service. This new, first-of-its-kind virtual card solution delivers more excellent choice, efficiency, and automation for buyers and suppliers to help streamline and speed business payments. The company explained.

Slow and inefficient payment processes continue to create challenges for businesses. Lengthy payment terms and late invoice payments impact cash flow for suppliers, while manual invoice approval and check processing are costly and time-consuming for buyers. Other payment methods, like ACH, require buyers to safeguard sensitive bank account information, adding another layer of complexity. Research shows a growing demand from businesses to automate supplier payments with virtual cards, but existing solutions aren’t meeting these needs, with 90% of virtual card transactions still being processed manually.

Mastercard Track Instant Pay is the first virtual card solution that can safely and intelligently authorize an immediate payment to a supplier once they submit an invoice. The solution uses sophisticated machine learning to analyze invoices and identify those likely to get rejected, enabling the rest to get authorized for payment on the same day they’re received. Digital payments are sent directly and securely to a supplier’s bank account via a Mastercard virtual card, with no manual intervention required. The company elaborated.

“Delayed payments create significant challenges for businesses financially and operationally, especially in today’s environment,” said Ron Shultz, executive vice president, New Payment Flows, North America at Mastercard. “Track Instant Pay helps solve these pain points by enabling buyers and suppliers to automate their manual payment processes, unlocking valuable time, working capital, and choice. This innovative new solution is the latest step in our ongoing commitment to support multiple payment rails and mission to modernize B2B payments.”

‘Mastercard Track Instant Pay’ combines machine learning capabilities from Previse, an artificial intelligence, and data science company, with Mastercard’s core commercial solutions and global payment network to transform how businesses send and receive payments. The answer is part of Mastercard’s comprehensive suite of B2B products and services designed to reduce complexity and risk, cut costs, and automate processes for businesses worldwide.

Key benefits of ‘Mastercard Track Instant Pay’ include:

Mastercard Track Instant Pay is available in the United States with plans for international expansion, as Mastercard continues to onboard partners as part of its mission to modernize business payments.

Source: Mastercard

|GlobalGiants.Com|


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Edited & Posted by the Editor | 1:45 AM | Link to this Post






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