Marqeta, a NASDAQ-listed card issuing platform provider, has integrated with the Track Instant Pay Virtual Card solution of payments processing giant Mastercard. The US-headquartered company announced on Wednesday that the Mastercard product will “enable instant payment of supplier invoices.”
“Many of our customers face headaches when it comes to managing supplier payments , and this integration with Mastercard’s Track Instant Pay solution will help streamline and accelerate payments on their invoices, letting them get back to what they’re best at – driving their businesses forward,” Simon Khalaf, the Chief Product Officer at Marqeta explained in a press statement.
With the integration, Marqeta explained, its customers in the US will be able to instantly authorize payments to suppliers after invoices are received without being delayed by manual processes. This will free up time consumed by administrative tasks, it added.
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Slow Approval Processes
In the statement, Marqeta noted that businesses often suffer from slow payment approval processes. They also adopt new payment technologies at a slower pace, it added. However, a new study by Mastercard found that more corporate organizations are recognizing the importance of digitizing their business payments. This is because digitized payments provide “more data, more control, and more automation ,” Marqeta said.
“These improvements can reduce the cost and risk associated with traditional payment methods – such as check and ACH – in addition to streamlining business efficiencies and improving payments fraud risk,” the card issue platform provider added.
Combating Payment Fraud
According to the 2022 Global Fraud & Payments Report by Cybersouce and the Merchant Risk Council, for every $10 earned from eCommerce activities, $1 is spent managing fraud. This is even as nine in 10 merchants regard fraud management as challenging.
Earlier in the year, Marqeta, which currently operates in 39 countries around the world, introduced RiskControl to its clients. The solution enables the company’s clients to make their risk and compliance programs more effective.
“When we talk to our customers, the threat of payment fraud comes up consistently as one of their biggest business concerns. We’re seeing fraud increases worldwide weigh heavily on card issuers and processors, intensifying the need to offer highly effective risk and fraud management solutions that are tailored to individual cardholder experiences,” explained Randy Kern, the Chief Technology Officer of Marqeta.
