The solution leverages the RTP network from The Clearing House for real-time payments clearing and settlement capabilities, allowing suppliers to receive instant access to funds, as well as detailed information about the transaction.
“PNC has been at the forefront of real-time payments, and we are pleased to be able to extend request-for-payment capabilities across the real-time payment rails,” Chris Ward, executive vice president and head of product & operations for PNC Treasury Management, said in a press release. “Through this program, together we can bring speed and transparency to these critical business payments.”
Mastercard plans to make it available to industries with complex distribution networks and supply chains; the first use-case has the company team up with enterprise resource planning (ERP) provider Rutherford & Associates to facilitate payments in the wine and spirits distribution industry.
“The safety of our customers is very important for us, and we thrive on providing added value through technology. Many of our customers have been asking for this, so we’re excited to be working with Mastercard and PNC Bank on a cutting-edge solution that meets real customer pain points like ensuring the safety of delivery drivers while improving reconciliation,” said Thu Schoenberg, product manager of strategic initiatives at Rutherford & Associates.
Mastercard also plans to partner with ERP providers and banks to expand distribution and adoption of the solution in the U.S.
“Consumers are used to the convenience of buying and paying for things with a simple swipe on their mobile devices. Businesses, on the other hand, follow a clunky and inefficient process when it comes to payments,” added Ron Shultz, executive vice president of new payment flows in North America for Mastercard. “Our real-time payment capability not only connects buyers and sellers to enable payments to happen in real time, but also provides them with real-time information to drive efficiency, control, security, and transparency on the back end.”