Previse has launched its B2B Embedded Finance campaign for 2022, with its latest partner announcement from Mastercard. Mastercard has today unveiled its next-generation virtual card solution for instant B2B payments, using Previse’s machine learning capabilities.
Track Instant Pay, by Mastercard, is the first virtual card solution that can safely and intelligently authorise an immediate payment to a supplier once they submit an invoice. The solution uses Previse’s sophisticated machine learning to analyse invoices and identify those likely to be rejected, enabling the rest to be authorised for payment on the same day they’re received. Using straight-through processing, digital payments are sent directly and securely to a supplier’s bank account via a Mastercard virtual card, with no manual intervention required. This is the first time that virtual card payments will not have to wait for a promise-to-pay from the buyer, meaning that suppliers will get what they are owed much faster. It is a game-changer for supplier payments.
The solution combines Previse’s machine learning, with Mastercard’s core commercial solutions and global payment network, to transform how businesses send and receive payments. This forms part of Mastercard’s comprehensive suite of B2B products and services designed to reduce complexity and risk, cut costs, and automate processes for businesses around the world.
Previse believes that every supplier should have access to working capital in ways that are seamless, fast and efficient. Our machine learning technology can be embedded across suppliers’ payment processes – in the P2P platforms, in the ERP systems, and in payment processing systems, to get capital to suppliers faster. That’s the future of finance that our team is delivering, embedded into the world’s B2B networks.
Our AI-driven solutions enable suppliers to get paid instantly. Machine learning analyses past payment patterns to make probabilistic assessments of the few invoices that are unlikely to get paid, enabling the rest to be screened automatically when they are received The result is a win-win solution for all parties involved – suppliers receive much-needed cash, while buyers pay back on their normal terms and strengthen supply chains in the process. This technology works by leveraging data from large corporates or other data sources, such as e-invoicing platforms and accounting systems. Machine learning makes sustainable financing possible.
Building on Previse’s existing partnerships with B2B networks and leading global transaction banks, Previse will be further expanding its best-in-class embedded finance products worldwide in 2022, continuing our mission to tackle the slow and late payments crisis and deliver better finance for the world’s suppliers.
Click here to learn more about our embedded finance technology: https://previse.co/solutions/instantfinance/