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March 24, 2022

Mastercard launches new payment tools to cut ACH payments risks

Mastercard has introduced a range of Smart Payment Decisioning Tools to minimise the risks associated with ACH payments and enhance cost and speed by leveraging open banking.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
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The new tools, Payment Success Indicator and Payment Routing Optimiser, is designed to facilitate secure payments and account creation.

Utilising real-time bank account data shared by the consumer, Payment Success Indicator will enable payment originators to access their balance and historical behavioural risk patterns for every transaction.

Payment Routing Optimizer is designed to interpret that score and suggest an optimal day and payment rail while also considering account cost, speed and risk.

The tool will recommend using Same Day ACH, if Payment Success Indicator interpret the balance for a transaction is available at the time but may not be available in the coming days.

The tools will enable merchants to tap advanced data analytics and machine learning to turn payment experience safer and smarter for their customers, according to the company.

Mastercard North America Product and Engineering executive vice president Chiro Aikat said: “By fundamentally improving the payment experience and solving real-world challenges, we are delivering new technologies to offer more ways to pay with greater speed, convenience and confidence.”

Fintech firm Bilt Rewards Alliance is among one of the first fintech partners of Mastercard to implement Payment Success Indicator.

Bilt is a collection of over 2 million rental homes that lets renters earn points by paying rent.

Earlier this month, Mastercard suspended its operations in Russia over the country’s invasion of Ukraine and subsequent sanctions.

Previously, the firm had blocked several Russian financial institutions on its payment network.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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