US-based payments giant, Mastercard announced the launch of Mastercard Track Instant Pay, an innovative virtual card solution to allow instant payments of supplier invoices, today. According to the details shared by the company, the new solution will use machine learning (ML) and straight-through processing (STP) to facilitate B2B payments.
Mastercard highlighted the problems caused by inefficient and slow payment processes. Moreover, the company outlined the negative impact of late cash flow on suppliers. In a safe and secure environment, Mastercard’s new Track Instant Pay authorizes immediate payment to the suppliers once they submit the invoice.
“Delayed payments create significant challenges for businesses financially and operationally, especially in today’s environment,” said Ron Shultz, the Executive Vice President of New Payment Flows for North America at Mastercard. “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 missions to modernize B2B payments.”
The new solution by the financial services provider combines the ML capabilities of the data science company, Previse with its payment network.
B2B Products
Mastercard noted that the recent launch of the virtual card solution for instant B2B payments is an integral part of the company’s comprehensive suite of B2B products and services. The firm aims to reduce complexities, costs and friction in payment processes for businesses around the world. The new solution is available in the United States.
“By accelerating payments, Mastercard Track Instant Pay helps suppliers improve cash flow and unlock working capital so they can reinvest in their business. Instant payments eliminate costs associated with chasing collections on outstanding invoices, and rich remittance information is provided with each payment, simplifying reconciliation,” the company highlighted.
Mastercard recently announced the acquisition of Arcus to expand its presence in Latin America.
