Mastercard and Previse today announced the integration of Mastercard Cross-Border Services – a global push payments platform that enables funds to be sent seamlessly, securely and with certainty to any account – into Previse’s InstantPay platform. The collaboration will enable instant payments to suppliers in over 100 markets globally.
In today’s environment, cash flow is critical – particularly for small and medium-sized businesses (SMBs). Over one third of SMBs in North America report facing cash flow issues due to late payments and slow processing times for cash and checks1. Globally, many businesses also lack streamlined ways to receive payments in their local currency when dealing with customers in multiple markets. This forces them to borrow money at expensive rates to support cash flow, while they wait for payment on outstanding invoices.
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.
“Delayed payments have always been a challenge for businesses and the pandemic only exacerbated this pain point,” said Ron Shultz, executive vice president, New Payments Flows, North America at Mastercard. “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.”
“Flexible, robust supply chains and steadfast cash flow are essential for businesses to thrive and grow, particularly SMBs,” comments Paul Christensen, CEO and Co-Founder of Previse. “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.”
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.
For more information about this solution, please visit: https://crossborder.mastercard.com/
Note to Editors:
1Source: Mastercard Small Business Study, July 2020
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Previse, founded in 2016, is an artificial intelligence company that has developed an innovative B2B payment solution. Through its state-of-the-art AI and analytical technology Previse is enabling firms to unlock the value in their invoice data, to get their suppliers paid instantly and build a stronger supply chain. Previse is notably a part of the Mastercard Start Path program.