The movement to speed up cross-border payments received another boost Monday as Mastercard Inc. announced the integration of Mastercard Cross-Border Services, the card network’s global push payments platform, with Previse Ltd.’s InstantPay platform.
The cross-border payments integration, which leverages machine learning, will enable companies to identify invoices likely to be rejected because of errors or discrepancies in the bill, and digitally pay the remaining invoices the same day they are received. Payments can be sent to suppliers’ bank accounts or digital wallets in more than 100 countries.
In addition, businesses can reduce the cost of transactions and access real-time exchange rates for local currency, while reducing the need for additional documents and manual processes, both companies say.
“Delayed payments have always been a challenge for businesses, and the pandemic only exacerbated this pain point,” Ron Shultz, executive vice president, new payments flows, North America, at Mastercard, says in a prepared statement. “With Mastercard Cross-Border Services, businesses can expect to receive funds quickly, directly, and securely.”
Founded in 2016, Previse is part of Mastercard’s Start Path program, which provides startups access to Mastercard technology, customers, and product teams, as well as virtual events and programming, aimed at helping them to rapidly grow their business.
“Flexible, robust supply chains and steadfast cash flow are essential for businesses to thrive and grow, particularly [small and medium size businesses],” Paul Christensen, chief executive and co-founder of Previse, says in a prepared statement. “The integration of Mastercard Cross-Border Services enables every corporate using InstantPay to effortlessly pay suppliers across the world on day one.”
The integration to the InstantPay platform is not Mastercard’s first attempt to speed cross-border payments. In 2016, the network purchased VocaLink Holdings Ltd., operator of the United Kingdom’s automated clearing house and faster-payments systems.