By looking into advanced technology such as blockchain, traditional financial service providers will be able to enhance their service delivery.
Earlier this week, Mastercard has announced its first launch of a real-time payment solution for companies in collaboration with PNC Bank. The service will allow corporate buyers of any goods or services to make payments instantly for such to the supplier.
Mastercard is now applying the use of the new service so that real-time payments in one of the most strictly regulated industries in the United States can be provided. As well as being in partnership with enterprise resource planning (ERP) provider, Rutherford & Associates.
The bank that Mastercard is starting this program with, PNC, has actually been involved in the real-time payment space before this partnership. Joining up with Ripple’s payment network in September last year, the bank is well aware of the game and how it works by now. On top of this, the bank is excited to work with Mastercard so they can bring in real-time payments to businesses that are in dire need of such services.
Executive vice president and head of product & operations, PNC Treasury Management J. Christopher Ward has said:
“PNC has been at the forefront of real-time payments, and we are pleased to be able to extend request-for-payment capabilities across the real-time payment rails. Through this program, together we can bring speed and transparency to these critical business payments.”
In regards to two firms teaming up, the executive VP for Mastercard, New Payment Flows, NA, Ron Shultz has said that the service will increase efficiency, control and of course, security.
“Our real-time payment capabilities not only connects buyers and sellers to enable payments to happen in real-time, but also provides them with real-time information to drive efficiency, control, security, and transparency on the backend,” he said.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!