Mastercard has unveiled a virtual card offering that uses machine learning and straight-through processing for instant payment of supplier invoices.
Mastercard says slow and inefficient payment processes continue to hamper businesses, affecting suppliers’ cash flows, while time-consuming for buyers. Other payment methods, such as ACH, require buyers to protect sensitive bank account information, which complicates matters further.
The company’s response is Mastercard Track Instant Pay, which allows you to securely and intelligently authorize an express payment after sending an invoice to your service provider.
Machine learning analyzes invoices and identifies invoices that are likely to be rejected, allowing others to pay on the day they are received. Using direct processing, digital payments are sent directly to the provider’s bank account via a Mastercard virtual card, without manual intervention.
Ron Shultz, MasterCard’s EVP, says: “Late payments pose a major financial and operational challenge for businesses, especially in today’s environment.