Mastercard Teams With Marqeta on Instant Vendor Payments

Marqeta has integrated with Mastercard Track Instant Pay to enable instant payment of supplier invoices.

With the integration of this virtual card solution that uses machine learning and straight-through processing, the card issuing platform will enable its customers to streamline their authorization of supplier payments and management of cash flow, according to the release, the companies said in a Wednesday (Dec. 7) press release emailed to PYMNTS.

“Many of our customers face headaches when it comes to managing supplier payments, and this integration with Mastercard’s Track Instant Pay solution will help streamline and accelerate payments on their invoices, letting them get back to what they’re best at — driving their businesses forward,” Marqeta Chief Product Officer Simon Khalaf said in the release.

With Track Instant Pay, Marqeta’s customers in the United States will be able to immediately authorize a payment to suppliers after invoices are received, thereby freeing up time that would have been spent on manual approvals, paying invoices more efficiently and avoiding check processing fees, according to the press release.

“Mastercard is focused on modernizing payments around the world and delivering a seamless digital experience — unlocking new opportunities for businesses to get paid how they want to get paid,” Marie Elizabeth Aloisi, executive vice president, commercial solutions at Mastercard, said in the release. “With the integration of Mastercard Track Instant Pay, we are proud to enhance our relationship with Marqeta to deliver robust virtual card solutions to our joint customers.”

Mastercard Track Instant Pay also helps suppliers get paid more quickly, Mastercard Executive Vice President of New Payment Flows Ron Shultz told PYMNTS’ Karen Webster in an interview posted in January.

“Large companies are just relatively slow when it comes to matching up purchase orders and bills of lading and invoices and sending them through various departments and getting them approved,” Shultz said at the time.