In an announcement made by Mastercard and Previse, the two have joined forces to collaborate on the integration of Mastercard’s Cross-Border Services into Previse’s InstantPay platform. With this collaboration, the two will enable instant payments to global suppliers in 100 markets.
“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,” said Paul Christensen, CEO and Co-Founder of Previse.
Cash flow is critical
For small and medium enterprises (SMEs) in particular, the flow of cash is critical, currently, one-third of SMEs in North America report cash flow issues as a result of late payments and slow processing times.
This can also be seen globally, with many businesses lacking a streamlined process to receive payments in their local currency from multiple markets. As a result, many borrow money at expensive rates to support cash flow.
So how can Mastercard and Previse help?
Using advances in machine learning, InstantPay analyses invoices, identifying those likely to be rejected, and enabling the rest to be paid on the same day they are received.
By integrating Mastercard’s Cross-Border Services into InstantPay, companies can send digital payments seamlessly and securely to their suppliers in more than 100 countries. Companies can also benefit from being able to pay suppliers quickly, lower transaction costs, access real-time exchange rates for local currency, and reduce additional documents and manual processes.
“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,” said Ron Shultz, Executive Vice President, New Payments Flows, North America at Mastercard.
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