Track Instant Pay uses machine learning and straight-through processing and will enable US-based Marqeta customers to authorise a payment to suppliers immediately after invoices are received, instead of having to wait for the invoices to be manually approved, thus freeing up time to focus on their businesses’ scalability instead of administrative tasks. Through this payments process, Marqeta’s customers are given the option of paying for invoices in a more efficient manner and access cost savings by avoiding costly check processing fees.
Company officials have stated in the press release that Marqeta and Mastercard have a common vision of modernising and simplifying payments, thus enabling joint customers to benefit from flexible and innovative solutions. As per their statement, when it comes to managing supplier payments many of their customers face difficulties and following the integration with Mastercard’s Track Instant Pay solution, Marqeta aims to help improve and accelerate invoice payments to allow them to focus on driving their business forward.
Business payments have often been characterised by having slow approval processes and a lagging approach towards adopting new payment technologies. Despite this, a Mastercard Business Payments 2022 study highlights that companies are increasingly recognising the advantages associated with business payments’ digitisation, which include increased data, control, and automation. These improvements are thought to help reduce cost and risk affiliated with traditional payment methods of the likes of checks and ACH, in addition to increasing business efficiencies and improving the fraud risk of payments.
The Track Instant Pay solution aims to deliver increased choice, efficiency, and automation to buyers and suppliers through means of sophisticated machine learning and straight-through processing. Furthermore, the solution helps improve transaction security as the customer’s bank account information does not need to be shared with third-party vendors when the payment process is taking place. Track Instant Pay is part of Mastercard’s B2B products and services suite designed to reduce complexity, risks, and costs, in addition to automating business processes.
Mastercard and Marqeta have launched several joint initiatives. In October 2022, the two companies launched in collaboration with Branch the Uber Pro Card, a debit card to enable Uber drivers and couriers to earn cashback on EV charging and gas.
Furthermore, in September of the same year, they were selected as key partners for Stash Core, a Stash banking and debit card experience aimed at helping US-based customers invest and build wealth. Mastercard and Marqeta continue to work on collaborating on products and solutions that enable their joint partners to benefit from capabilities that help deliver differentiated payments experiences.
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