It uses machine learning and straight-through processing to enable instant payment of supplier invoices
Mastercard has announced the launch of the Mastercard Track Instant Pay virtual card solution.
Integrated with Mastercard Track Business Payment Service, Mastercard’s open-loop B2B network, the new virtual card solution is expected to provide greater choice, efficiency and automation for buyers and suppliers to help streamline and speed business payments.
According to the press release, low 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.
Mastercard Track Instant Pay 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.
We’ve reported that Coinbase users will soon be able to pay for NFTs with Mastercard.