Mastercard launches automated service to process virtual cards

Mastercard has launched an automated service to process virtual card payments.

Mastercard Receivables Manager aims to speed up the digitisation of B2B transactions between buyers and suppliers.

The company says that over 90 per cent of suppliers prefer receiving a digital payment or digital invoice. However, it said that accounts receivables teams have “struggled to keep pace” with virtual card payment processing.

Mastercard claims its new service will make virtual card transactions more efficient, secure and cheaper to process.

“This is a significant milestone in our journey to deliver more seamless, digital-first user experiences to the B2B payments ecosystem,” said Chad Wallace, global head of commercial solutions at Mastercard. “We’re bridging the gap between buyers’ virtual card preferences and suppliers’ acceptance challenges by automating manual processes and transforming the way accounts receivable teams operate.”

Mastercard recently partnered with nine UK banks to help them predict and prevent payment scams with its new AI tool. The Consumer Fraud Risk tool uses large-scale payments data to help identify real time payment scams before funds leave a target’s account.

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.

Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.