The MasterCard Payment Gateway is a comprehensive, end-to-end, modular solution that offers several key features, including buyer-initiated P-Card straight through processing, which can enhance security and control for financial institutions and their corporate customers.
Suppliers that process payments with the new platform can enjoy automated payments with straight through processing, decreased paper check processing costs, automated reconciliation via enhanced remittance information for common payment types and preference among buyers that pay electronically. Buyers that rely on MasterCard Payment Gateway can drive efficiencies by streamlining their payment options, integrating with existing accounts payable processes and can save money by enabling one connection.
The modular nature of the MasterCard Payment Gateway will provide financial institutions with an enterprise-wide electronic solution that they can re-brand and make available to their corporate customers, or integrate into their current product offerings to enhance their functionality and efficiency. This can enable them to increase payment volumes without building infrastructure, potentially grow profits with additional fees, deepen customer relationships and differentiate from the competition.
Art Kranzley, executive vice president and group executive of advanced payments at MasterCard Worldwide, said: We worked in close collaboration with our issuing financial institutions and their end customers when developing the MasterCard Payment Gateway. This solution provides financial institutions like Wells Fargo with the flexibility to customize components of the Gateway to meet the specific requirements of their corporate customers, thereby enabling them to differentiate themselves in the market. The Gateway places MasterCard at the heart of business to business (B2B) commerce.
