Mastercard has launched Mastercard Track Instant Pay, a next-generation virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices.
Mastercard said the solution is the first virtual card solution that can safely and intelligently authorise an immediate payment to a supplier once they submit an invoice.
The solution uses sophisticated machine learning to analyse invoices and identify those likely to be rejected, enabling the rest to be authorised for payment on the same day they are 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.
Mastercard said there is 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.
Ron Shultz, executive vice president, new payment flows, North America at Mastercard, said, “Delayed payments create significant challenges for businesses financially and operationally, especially in today’s environment.
“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 modernise B2B payments.”
Mastercard Track Instant Pay is available in the US with plans for international expansion.
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