Mastercard and British artificial intelligence-powered payments FinTech company Previse have joined forces on the integration of Mastercard Cross-Border Services, according to a Monday (Oct. 18) press release. The collaboration enables funds to be sent securely to any account as part of Previse’s InstantPay platform.
Incorporating the latest advances in machine learning, Previse’s InstantPay reviews invoices to pinpoint those that are susceptible for rejection, enabling the rest to be paid on the same day of receipt. With Mastercard’s Cross-Border Services integration, companies using InstantPay can send digital payments safely via bank accounts and digital wallets to suppliers in more than 100 markets globally. Businesses can also access real-time exchange rates for local currency.
“Delayed payments have always been a challenge for businesses, and the pandemic only exacerbated this pain point,” said Ron Shultz, Mastercard executive vice president, New Payments Flows, North America. “Digital B2B payment innovations like the ones being driven by Mastercard and Previse are helping suppliers gain faster access to funds and freedom from inefficient processes, so they can not only recover today — but thrive tomorrow.”
The announcement follows last week’s news that Mastercard was teaming with Markaaz to provide the credit card company’s payments and security offerings to small- to medium-sized businesses. As part of that partnership, SMBs would be able to harness Mastercard’s suite of offerings, including the Mastercard Track Business Payments plan, which analyzes cyber risks as a time and money-saving effort.
Prior to joining forces with Mastercard, Previse, in July, began working with eInvoicing company Pagero to enable a “pay me now” option, according to PYMNTS. Billed as a way to speed payments to suppliers on the Pagero network, the effort harnesses Previse’s InstantPay platform and AI capabilities.