PURCHASE, N.Y.—Marqeta said 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 stated in a joint release.
“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.
According to the companies, 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.
“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.
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