News, Mastercard to offer automated payments for SMEs

Wednesday 3 April 2019 10:58 CET | News

US-based payments company has announced partnering with Mastercard to enhance payments automation through virtual cards.

The plans to offer Mastercard virtual cards are part of the automated accounts payable solution for small and midsize businesses. Mastercard virtual cards add a new electronic alternative to checks as continues to digitize payments. Payment via virtual card provides faster funds availability to suppliers along with the data needed to easily match payments with receivables. The new payment option is now integrated into the accounts payable workflow on the cloud-based platform.

The announcement follows a funding round of USD 88 million by Franklin Templeton, Mastercard and certain funds managed by Fidelity Investments Canada. Other participants in the current round include Kayne Anderson Rudnick, Temasek, Cross Creek and FLEETCOR. has raised more than USD 275 mln to date which has included investments from American Express, Bank of America, and JP Morgan Chase.

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Keywords:, MasterCard, partnership, payments automation, accounts payable automation, virtual cards, accounts payable solution, Franklin Templeton, AP automation, US, Canada, North America, accounts payable workflow
Countries: World