Mastercard Unveils Next-Generation Virtual Card Solution for Instant B2B Payments
20 Janeiro 2022 - 10:00AM
Business Wire
- Mastercard Track Instant Pay uses machine learning and
straight-through processing to analyze and automatically initiate
instant payment of supplier invoices
- The new, first-of-its-kind virtual card solution is integrated
with Mastercard Track Business Payment Service to deliver greater
choice, faster payments and improved efficiency for buyers and
suppliers
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. Integrated with Mastercard Track
Business Payment Service, Mastercard’s open-loop B2B network, the
new, first-of-its-kind virtual card solution delivers greater
choice, efficiency and automation for buyers and suppliers to help
streamline and speed business payments.
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 is 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 manually1.
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 be rejected, enabling the rest to be authorized for
payment on the same day they’re received. Using straight-through
processing, digital payments are sent directly and securely to a
supplier’s bank account via a Mastercard virtual card, with no
manual intervention required.
“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 solution 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 around the
world.
Key benefits of Mastercard Track Instant Pay include:
- Suppliers: By accelerating payments, Mastercard Track
Instant Pay helps suppliers improve cash flow and unlock working
capital so they can reinvest in their business. Instant payments
eliminate costs associated with chasing collections on outstanding
invoices, and rich remittance information is provided with each
payment, simplifying reconciliation.
- Buyers: With Mastercard Track Instant Pay, buyers can
grow revenue by increasing acceptance and converting costly check
and ACH payments to rebate-generating virtual cards. Automating
manual processes helps lower costs, accelerate payments, and remove
friction to improve business relationships. Buyers can manage their
working capital more efficiently using the credit line tied to
their commercial card account; while unique, dynamically generated
virtual account numbers with layers of controls provide enhanced
security for supplier payments.
- Issuers: Mastercard Track Instant Pay can help issuers
grow and extend the reach of their virtual card programs to meet
increasing demand and gain a competitive advantage.
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. For more information, please click here.
1 Source: Mercator Advisory Group,
2021
About Mastercard
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart, and accessible. Using secure data and
networks, partnerships and passion, our innovations and solutions
help individuals, financial institutions, governments, and
businesses realize their greatest potential. Our decency quotient,
or DQ, drives our culture and everything we do inside and outside
of our company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
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Media Contact
Sandra Benjamin Vice President, Communications, North America
Mastercard 416 365 5567 sandra.benjamin@mastercard.com
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