Payment technology firm Mastercard has agreed to acquire digital bill payment platform, Transactis, which will enable businesses to deliver bills and receive payments through one simple-to-navigate action.
Image: Mastercard has agreed to acquire digital bill payment platform Transactis. Photo: courtesy of Aleš Čerin / FreeImages.
Mastercard said that Transactis’ technology will facilitate companies to enhance customers’ bill payment experience and reduce inefficiencies linked with paper bills and checks.
The platform provides access to a flexible digital service, which can also be used by smallest businesses such as schools and property owners who often do not support online bill payment.
Transactis offers its technology via broad network of bank and non-bank partners to support millions of businesses.
Mastercard North America new payment platforms executive vice president Colleen Taylor said: “Transactis’ technical and commercial know-how, combined with our reach and comprehensive payment options will greatly simplify the entire process.
“We’ll be able to deliver a better real-time consumer experience, from sign-up to viewing and paying bills, leveraging the investments that have been made in the core infrastructure.”
Last fall, Mastercard launched new digital solution, Bill Pay Exchange, for consumers to view, manage and pay telecom, utility, rent, credit card, mortgage and other personal bills.
The platform enables consumers to use their existing banking apps to set up all billers, receive notifications when a bill is due, see bill details, and manage multiple bills in one place including specifying when and how much to pay.
Through a core set of APIs, Bill Pay Exchange is provided to banks and credit unions and it supports all payment types including real-time payments.
The acquisition of Transactis will allow Mastercard to address bill payment needs in online bank applications as well as in biller websites with advanced end user interfaces, expanded payment options and digital bill presentment capabilities.
Transactis CEO Joe Proto said: “We see this as a unique opportunity to bring our complementary technologies together to deliver a better bill pay experience accelerating the migration of paper bill and checks to these online channels.”
The transaction is expected to be completed in the second quarter.