Mastercard will now be able to address bill payment needs in online bank applications
Mastercard to streamline its bill payment services with a new acquisition. Source: shutterstock.com
Mastercard announced it has entered into an agreement to acquire Transactis, a platform that helps businesses deliver bills and receive payments through one simple-to-navigate experience.
Transactis’ technology helps companies improve their customers’ bill payment experience, while reducing inefficiencies associated with paper bills and checks. It provides access to a flexible digital service that can be used by even the smallest businesses, such as schools and property owners, who often don’t support online bill pay. Transactis distributes its technology through a broad network of bank and non-bank partners.
Last fall, Mastercard announced Mastercard Bill Pay Exchange, a new digital solution for consumers to view, manage and pay telecom, utility, rent, credit card, mortgage and other personal bills. Bill Pay Exchange is offered to banks and credit unions through a core set of APIs. While some bill pay services only offer card or ACH-based payments, Bill Pay Exchange provides the choice of all payment types through the consumer’s existing online or mobile banking app.
With the acquisition of Transactis, Mastercard will now be able to address bill payment needs in online bank applications as well as in biller websites with enhanced end-user interfaces, expanded payment options and digital bill presentment capabilities.
Terms of the agreement were not disclosed. The transaction is anticipated to close in the second quarter. Mastercard Bill Pay Exchange is slated for full launch later in the year.
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