Mastercard launches ‘Track Instant Pay’ for instant B2B payments

Mastercard launches 'Track Instant Pay' | iTMunch

United States-based multinational financial services organization, Mastercard has launched a virtual card that uses the power of machine learning and “straight-through processing” for instant supplier invoice payments. The financial services company said that slow, inefficient payment processes continually hamper businesses, hit the cash flow of suppliers, and is time-consuming for customers/buyers. 

Other payment methods, such as ACH, need buyers to secure sensitive bank account-related information which adds a layer of complexity. The company’s answer to these problems is ‘Mastercard Track Instant Pay’, which is designed to safely and intelligently authorize immediate payments after the supplier submits their invoice.

About Mastercard Track Instant Pay

Mastercard Track Instant Pay is a next-gen virtual card solution that harnesses the power of machine learning to enable instant payment of supplier invoices. The card is integrated with Mastercard Track Business Payment Service, which is the open-loop B2B network of Mastercard, a new, one-of-its-kind virtual card solution that delivers better efficiency, choice, and automation for the buyers and suppliers to aid them in streamlining and speeding business payments.

In a press release, Mastercard highlighted the key benefits of Mastercard Track Instant Pay that can be enjoyed by: 

  • Suppliers: By accelerating payments, Mastercard Track Instant Pay aims at helping suppliers in improving their cash flow and unlocking working capital so that they can reinvest the cash into their business. Instant payments, essentially, eliminate the major costs associated with chasing collections on outstanding invoices and rich remittance information is provided with each payment which simplifies reconciliation. 
  • Buyers: With the all-new Mastercard Track Instant Pay, buyers can now grow their revenue by increasing acceptance as well as converting costly check and ACH payments that help them rebate-generating virtual cards. Automating the manual processes helps in lowering costs, accelerating payments, and removing friction to enhance business relationships. Buyers can also manage their working capital more diligently and 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.

SEE ALSO: SoSafe bags $73 million in a Series B funding round

Mastercard Executive Vice President on the launch

Ron Shultz, Mastercard Executive Vice President (New Payment Flows, North America) said delayed payments have been creating significant challenges for businesses financially as well as operationally for years, especially in today’s environment.

Shultz added that Track Instant Pay by Mastercard helps businesses solve these challenges and pain points by enabling the buyer and supplier to automate their manual payment processes, unlocking valuable time, working capital and choice. He further adds that the innovative new solution is the latest move in the company’s ongoing commitment to support multiple payment rails and mission to modernize B2B payments.

Mastercard Track Instant Pay uses the machine learning capabilities from ‘Previse’, an artificial intelligence (AI) and data science expert organization and merges it with the core commercial solutions and global payment network of Mastercard to transform how businesses send and receive payments.

The solution hence created is part of an exhaustive suite of Mastercard’s Business-to-Business products and services that are designed to reduce risks and complexities, trim down costs, and automate processes for businesses around the world.

SEE ALSO: Fintech giant Plaid acquires Cognito for $250 million

For more latest news and updates, keep reading iTMunch

Image Courtesy: AKuptsova from Pixabay

Subscribe to our Newsletter!

Previous articleHow remote production technology is changing the face of live content and media production?
Next articleInfluence of 5G on the future of connectivity – What can we expect?
Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since).
Read More