Mastercard (NYSE: MA) and Previse announced on October 18, 2021 the integration of Mastercard Cross-Border Services – an international push payments platform that allows funds to be sent seamlessly, securely and with “certainty” to any account – into Previse’s InstantPay platform. The collaboration will “enable instant payments to suppliers in over 100 markets globally.”
In today’s environment, cash flow is critical – especially for SMBs. More than a third of small businesses in North America report facing cashflow problems because of late payments and slow processing times for cash and checks.
Internationally, many businesses are lacking streamlined ways to take payments in their local currency when dealing with clients in different markets. This forces them to “borrow money at expensive rates to support cash flow, while they wait for payment on outstanding invoices,” the announcement revealed.
Using advances in machine learning, Previse’s InstantPay solution has been designed to analyze invoices in order to “identify those that are likely to be rejected, enabling the rest to be paid the same day they’re received.”
With the integration of Mastercard’s Cross-Border Services, firms using InstantPay are able to send virtual payments seamlessly and securely to suppliers in more than 100 countries via bank accounts and virtual wallets. Businesses can also lower the cost of transactions and access real-time exchange rates for local currency, “while reducing the need for additional documents and manual processes.”
Ron Shultz, EVP, New Payments Flows, North America at Mastercard, stated:
“Delayed payments have always been a challenge for businesses and the pandemic only exacerbated this pain point. With Mastercard Cross-Border Services, businesses can expect to receive funds quickly, directly and securely. 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.”
Paul Christensen, CEO and Co-Founder of Previse, remarked:
“Flexible, robust supply chains and steadfast cash flow are essential for businesses to thrive and grow, particularly SMBs. The integration of Mastercard Cross-Border Services enables every corporate using InstantPay to effortlessly pay suppliers across the world on day one. It’s an innovative solution from Mastercard and Previse, which strengthens global supply chains and is a true win-win for large corporates and SMBs alike as we recover from the pandemic.”
Previse joins a fast-growing list of international partners working cooperatively with Mastercard to provide consumers with a more predictable and more certain way “to pay and get paid across borders.”
Mastercard Cross-Border Services connects 90% of the global population via banking accounts, digital wallets, cards and cash agents, “all through a single and secure point of access.”
