Mastercard has launched an automated service to process virtual card payments.

Mastercard Receivables Manager aims to speed up the digitisation of B2B transactions between buyers and suppliers.

The company says that over 90 per cent of suppliers prefer receiving a digital payment or digital invoice. However, it said that accounts receivables teams have “struggled to keep pace” with virtual card payment processing.

Mastercard claims its new service will make virtual card transactions more efficient, secure and cheaper to process.

“This is a significant milestone in our journey to deliver more seamless, digital-first user experiences to the B2B payments ecosystem,” said Chad Wallace, global head of commercial solutions at Mastercard. “We’re bridging the gap between buyers’ virtual card preferences and suppliers’ acceptance challenges by automating manual processes and transforming the way accounts receivable teams operate.”

Mastercard recently partnered with nine UK banks to help them predict and prevent payment scams with its new AI tool. The Consumer Fraud Risk tool uses large-scale payments data to help identify real time payment scams before funds leave a target’s account.

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