Mastercard will be launching a brand new virtual card solution program that will allow instant monetary B2B transactions dubbed Track Instant Pay. The payments giant’s new solution will encompass straight-through processing (STP) and machine learning to facilitate payments. For now, the solution is available only in the United States.
Track Instant Pay combines the machine learning capabilities of Previse, a data science company, with Mastercard’s payment network. The debit card giant guarantees a safe and secure environment in which the new Track Instant Pay will authorize payments to suppliers once the invoice has been submitted.
Ron Shultz, the Executive Vice President of New Payment Flows for North America at Mastercard, commented that significant challenges have been created around delayed payments, especially for businesses. Shultz stressed that Track Instant Pay will solve these problems by automating otherwise manual payments between suppliers and buyers, resulting in more “valuable time, working capital and choice.”
Mastercard’s latest move is been called a crucial move by the company in an effort to stabilize the massive amount of B2B services and products. Moreover, the US-based payment company aims to lower the costs and friction in its payment processes, and Track Instant Pay seems to be the right way of doing so.