Mastercard unveils virtual card for buyers and suppliers

Mastercard has launched a new virtual card that uses machine learning and straight-through processing to enable instant payment of supplier invoices.

The card provider said that Mastercard Track Instant Pay, which is integrated with its open-loop B2B network, is the “first virtual card solution” that can “safely and intelligently” authorise an immediate payment to a supplier once they submit an invoice.

The virtual card uses machine learning to analyse invoices and identify those likely to be rejected, which enables the rest to be authorised for payment on the same day they are received.

Using straight-through processing, digital payments are sent directly to a supplier’s bank account via a Mastercard virtual card, without any manual intervention.

The instant pay solution uses machine learning capabilities from Previse, an artificial intelligence and data science company, combined with Mastercard’s core commercial solutions and global payment network.

“Delayed payments create significant challenges for businesses financially and operationally, especially in today’s environment,” said Ron Shultz, executive vice president, new payment flows, 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 mission to modernise B2B payments.”

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