Mastercard debuts real-time payments pilot

Mastercard has announced that it is piloting a real-time payments program for businesses, and it plans to start in the wine and spirits distribution industry.

The card network announced that it is working with PNC Bank, The Clearing House and enterprise resource planning provider Rutherford & Associates on the project, which will allow businesses to pay suppliers in real time when they receive goods or services.

The company said it planned to offer the service, called Payment on Delivery, in industries with complex distribution networks and supply chains.

“Payment on Delivery is part of the Mastercard Track portfolio of business applications, which taps into real-time payment messaging capabilities so that the suppliers’ bank can push a ‘request-for-payment’ directly to the business, and the business can pay immediately — on delivery — with instant reconciliation on the backend,” the company said in an announcement.

 

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