MasterCard has now unleashed a virtual card offering that utilizes machine learning and straight-through processing for instant payment of the supplier invoices. The payments firm said that slow and inefficient payment processes continue to affect businesses, hitting cash flow for the suppliers while also being time-consuming for the buyers.
The other payments methods like ACH need the buyers to safeguard sensitive bank account information, which adds another layer of complexity. Notably, the company’s answer is MasterCard Track Instant Pay it says can safely and intelligently authorize an instant payment to a supplier after they submit an invoice.
Machine learning technology analyzes invoices and identifies those that are likely to get rejected, enabling the rest to be authorized for payments on the same day they get received. Through the use of straight-through processing, digital payments are sent directly to a supplier’s bank account through a MasterCard virtual card, without any manual intervention needed.
EVP, new payment flows, North America, MasterCard, Ron Shultz, 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.”