Mastercard has unveiled a virtual card offering that uses machine learning and straight-through processing for instant payment of supplier invoices.
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Mastercard launches virtual card for instant B2B payments
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Mastercard says that slow and inefficient payment processes continue to hamper businesses, hitting cash flow for suppliers while being time consuming for buyers. Other payment methods, like ACH, require buyers to safeguard sensitive bank account information, adding another layer of complexity. The firm's answer is Mastercard Track Instant Pay, which it says can safely and intelligently authorise an immediate payment to a supplier once they submit an invoice.
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