Mastercard Launches Virtual Card Solution for Instant B2B Payments

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

According to Mastercard, slow and inefficient payment processes continue to create challenges for businesses. Lengthy payment terms and late invoice payments impact cash flow for suppliers, while manual invoice approval and check processing are costly and time-consuming for buyers. Other payment methods, like ACH, require buyers to safeguard sensitive bank account information, adding another layer of complexity.

The Mastercard Track^TM  Instant Pay is the company’s solution to these problems as the card can safely and intelligently authorize an immediate payment to a supplier once they submit an invoice. The solution uses sophisticated machine learning to analyze invoices and identify those likely to be rejected, enabling the rest to be authorized for payment on the same day they’re received.  Using straight-through processing, digital payments are sent directly and securely to a supplier’s bank account via a Mastercard virtual card, with no manual intervention required.  

“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 modernize B2B payments.”

Mastercard Track Instant Pay combines machine learning capabilities from Previse, an artificial intelligence, and data science company, with Mastercard’s core commercial solutions and global payment network to transform how businesses send and receive payments. The solution is part of Mastercard’s comprehensive suite of B2B products and services designed to reduce complexity and risk, cut costs, and automate processes for businesses around the world.

Mastercard Track Instant Pay is available in the United States with plans for international expansion, as Mastercard continues to onboard partners as part of its mission to modernize business payments.