Marqeta will become the first processor to integrate with Track Instant Pay in the U.S., enabling its customers to authorize supplier payments and manage cash flow more quickly and seamlessly
Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced that it has integrated Mastercard (NYSE: MA) Track™ Instant Pay, a next-generation virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices.
With Track Instant Pay, Marqeta customers in the U.S. will be able to immediately authorize a payment to suppliers after invoices are received instead of waiting for invoices to be approved manually, freeing up time to focus on growing their businesses instead of administrative tasks. This payment process empowers Marqeta customers to pay invoices more efficiently and access cost savings by avoiding costly check processing fees.
“Marqeta and Mastercard share a vision of modernizing and streamlining payments – enabling our joint customers to thrive thanks to more flexible and innovative solutions,” said Simon Khalaf, Chief Product Officer, Marqeta. “Many of our customers face headaches when it comes to managing supplier payments, and this integration with Mastercard’s Track Instant Pay solution will help streamline and accelerate payments on their invoices, letting them get back to what they’re best at – driving their businesses forward.”
Business payments have often been plagued with slow approval processes and have typically been slower to adopt new payment technologies. However, according to Mastercard’s Business Payments 2022 study, companies are increasingly recognizing the advantages of digitizing business payments, which include more data, more control, and more automation. These improvements can reduce the cost and risk associated with traditional payment methods – such as check and ACH – in addition to streamlining business efficiencies and improving payments fraud risk.
Track Instant Pay delivers greater choice, efficiency and automation for buyers and suppliers through sophisticated machine learning and straight-through processing. In addition, the solution improves transaction security because customer bank account information does not need to be shared with third-party vendors during the payment process.
“Mastercard is focused on modernizing payments around the world and delivering a seamless digital experience – unlocking new opportunities for businesses to get paid how they want to get paid,” said Marie Elizabeth Aloisi, executive vice president, Commercial Solutions at Mastercard. “With the integration of Mastercard Track Instant Pay, we are proud to enhance our relationship with Marqeta to deliver robust virtual card solutions to our joint customers.”
Recently, Mastercard and Marqeta have launched several joint initiatives, including the Uber Pro Card with Branch, a debit card that enables Uber drivers and couriers to earn cash back on gas and EV charging, and were selected as key partners for Stash Core, a new banking and debit card experience from Stash that helps millions of everyday Americans invest and build wealth. Mastercard and Marqeta continue to work closely to collaborate on products and solutions to enable their joint partners to tap into capabilities that deliver differentiated payments experiences.
Source: Company Press Release