Slow payouts due to processing times plague small and medium businesses in the supply chain. Mastercard taps into this and hopes to optimize the payout process in the supply chain with a partnership with Previse. Mastercard Cross-Border Services now integrates with Previse’s InstantPay platform, allowing for instant payments worldwide in more than 100 markets.
- Using the latest advances in machine learning, Previse’s InstantPay solution analyzes invoices 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, companies using InstantPay can now send digital payments seamlessly and securely to suppliers in over 100 counties via bank accounts and digital wallets. In addition to paying suppliers quickly, business can reduce the cost of transactions and access real-time exchange rates for local currency, while reducing the need for additional documents and manual processes.
- Previse joins a growing list of global partners working with Mastercard to offer people and businesses a more predictable and more certain way to pay and get paid across borders. Mastercard Cross-Border Services connects 90 percent of the world’s population via bank accounts, digital wallets, cards and cash agents, all through a single and secure point of access.