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Verituity Taps Mastercard to Enable Near-Real-Time Payments for Banks

Verituity has teamed up with Mastercard to enable near-real-time payments for commercial banks and payers.

This collaboration sees Verituity’s white-labeled payments platform integrating Mastercard’s portfolio of domestic and international money transfer solutions, Mastercard Move, the companies said in a Thursday (April 11) press release.

“We’re thrilled to join forces with Mastercard to bring more banks into the secure disbursement and remittance ecosystem,” Ben Turner, CEO at Verituity, said in the release. “Our innovative turnkey solution will enable banks and businesses to seamlessly use Mastercard Move, including push-to-card, to make secure, near-real-time payments while offloading the complexities of verification, integrations and payment modernization.”

Verituity’s cloud-based, white-labeled platform connects banks, businesses and payees to verified payouts and intelligent “pay-by-anything” experiences, according to the release. By doing so, it allows payers to offer a customized payout experience that lets payees receive payments the way they want.

With the integration of Mastercard Move, the Verituity platform will be able to offer users a quicker go-to-market time frame and immediate verification of payees and transactions, which reduces the risk of errors and enhances security, per the release.

“Mastercard Move enables secure, near-real-time payment transfers to and from billions of card, bank and digital accounts globally,” Sherri Haymond, executive vice president, global digital partnerships at Mastercard, said in the release. “We’re delighted to join forces with Verituity to deliver a seamless and secure payment experience that banks, businesses and consumers can trust.”

The demand for digitized ways to send money across borders has been intensified by a number of trends, Alan Marquard, head of transfer solutions at Mastercard, told PYMNTS in an interview posted in March.

These trends include migrant workers sending money home; professional workers with flexible working arrangements working across countries and remitting funds internationally; and online platforms creating a need for sellers and buyers to send payments abroad, Marquard said.

“At the end of the day, payment needs drive payment types,” Marquard said, adding that “digitized experiences like this tend to offer better value for money than multichain or ‘multiplayer’ chains of payments, where a number of people are taking a ‘slice’ along the way.”