The solution is based on RTP network clearinghouse for real-time payment clearing and settlement capabilities, allowing providers to receive instant access to funds, as well as detailed transaction information.
“PNC has been at the forefront of real-time payments, and we are excited to be able to extend payment request capabilities across real-time payment rails,” Chris Ward, executive vice president and head of products and operations for PNC Treasury Management, stated in a Press release. “Through this program, together we can bring speed and transparency to these critical business payments. “
Mastercard plans to make it available to industries with complex distribution networks and supply chains; In the first use case, the company has partnered with enterprise resource planning (ERP) provider Rutherford & Associates to facilitate payments in the wine and spirits distribution industry.
“The safety of our customers is very important to us, and we strive to provide added value through technology. Many of our customers have requested it, so we are delighted to be working with Mastercard and PNC Bank on a cutting edge solution that addresses real customer issues, such as ensuring the safety of delivery drivers while improving reconciliation, ”said Thu Schoenberg. , product manager of strategic initiatives at Rutherford & Associates.
Mastercard also plans to partner with ERP vendors and banks to expand the solution’s distribution and adoption in the United States.
“Consumers are used to the convenience of buying and paying for things with a swipe of their mobile devices. Companies, on the other hand, follow a clunky and inefficient payment process, ”added Ron Shultz, executive vice president of new payment flows in North America for Mastercard. “Our real-time payment capability not only connects buyers and sellers to enable real-time payments, but also provides them with real-time information to improve efficiency, control, security and transparency on the back. -end. “