UK-based fintech firm Previse has tapped Mastercard to provide instant payments to suppliers in more than 100 markets globally.
Previse will integrate Mastercard Cross-Border Services into its InstantPay platform to speed up cross-border payment services for businesses around the world.
Mastercard Cross-Border Services is a global push payments platform that enables funds transfers to any account through bank accounts, digital wallets, cards and cash agents.
Leveraging machine learning technology, Previse’s InstantPay solution evaluates invoices to identify those that are likely to be rejected, allowing the rest to be paid on the same day of receipt.
The integration of Mastercard Cross-Border Services will enable businesses using InstantPay to send digital payments to suppliers in over 100 countries through bank accounts and digital wallets.
It will also allow businesses to minimise their cost of transactions by accessing real-time exchange rates for local currency without the need for additional process and documents.
Mastercard North America New Payments Flows executive vice president Ron Shultz said: “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.”
Previse CEO and co-founder Paul Christensen said: “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.”
Recently, Mastercard teamed up with Markaaz to bring its products and services including payments and security to the latter’s platform to help support small businesses.
Last month, Mastercard announced the launch of its first Buy Now, Pay Later (BNPL) offering, Mastercard Installments, in the US, the UK, and Australia.