Mastercard today announced the launch of Mastercard Track TM Instant Pay, a next-generation virtual card solution that uses machine learning and direct processing to enable immediate payment of provider bills. A new premium virtual card solution integrated with Mastercard Track Business Payment Service, MasterCard’s open chain B2B network, offers buyers and suppliers greater choice, efficiency and automation to help simplify and expedite business payments.
Slow and inefficient payment processes continue to pose challenges for businesses. Long payment periods and late invoicing affect suppliers’ cash flows, while manual invoicing and check to process are costly and time-consuming for buyers. Other payment methods, such as ACH, require buyers to protect sensitive bank account information, which complicates matters further. Studies show that companies are growing in demand for virtual card provider payment automation, but existing solutions do not meet these needs, as 90% of virtual card transactions are still processed manually1.
Mastercard Track Instant Pay is the first virtual card solution that allows you to securely and intelligently authorize an instant payment service provider after you send an invoice. The solution uses advanced machine learning to analyze invoices and identify those that are likely to be declined, allowing others to authorize payments on the same day they are received. Using direct processing, digital payments are sent directly and securely via a Mastercard virtual card to the provider’s bank account without the need for manual intervention.
Mastercard Track Instant Pay combines the machine learning capabilities of Previse, AI, and data science companies with MasterCard’s core business solutions and global payment network to make it easier for companies to send and receive payments. The solution is part of MasterCard’s wide range of B2B products and services, designed to reduce complexity and risk, cut costs and automate processes worldwide.
Mastercard is a global payment technology company. Our mission is to connect and manage an inclusive digital economy that benefits anyone, everywhere, making transactions secure, easy, smart, and accessible. Using secure data and networks, partnerships, and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses reach their full potential. Our decency factor, or DQ, governs our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that opens up worthless opportunities for all.