Mastercard’s Track Instant Pay is a virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices.
The virtual card solution analyses received invoices using machine learning to identify those likely to be rejected, then authorises the rest for payment on the same day. These payments are sent digitally, directly to the supplier’s bank account via a Mastercard virtual card. It eliminates all the usual manual processes, from verifying and manually approving invoices to manual payments or lengthy check processing, Ukheshe officials explained.
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