Mastercard acquires Transactis to pep up its Bill Pay Exchange services

Must Read

GovTech leaders must bolster business continuity plans to swiftly navigate during any pandemic: VMware

To bolster the government organizations business continuity plans in the times of COVID-19 pandemic, Tech Observer in association with virtual infrastructure giant organized a special webinar focused on public sector organizations

Facebook acquires GIF search engine GIPHY

Facebook is buying the popular GIF search engine Giphy, with plans to further integrate the GIF library into Instagram and other Facebook apps.

Explained: 5 biggest mistakes startups make in beginning that you must avoid

, the founder of a multinational company, Value Marketing, tells about the 5 biggest mistakes many startups make in the beginning, and how to avoid them.

is acquiring Transactis for an undisclosed amount. The deal is expected to boost the company’s effort to launch its Bill Pay Exchange services later this year.

Transacti provides digital bill payment platform to small businesses such as schools and property owners, who often don’t support online bill pay. Company does this through a broad network of bank and non-bank partners.

With the acquisition of Transactis, Mastercard will be able to target people using online bank applications as well as in biller websites for making bill payments.

“We see Transactis as strengthening our support of the bill payments space,” said Colleen Taylor, executive vice president of new payment platforms, North America for Mastercard.

Master Card is of the view that despite huge digital penetration, a significant number of people still pay their bills via paper or cash. With Bill Pay Exchange services, the company is looking to target this segment of customers.

The company informed that its Bill Pay Exchange will be offered to banks and credit unions through a core set of APIs. While some bill pay services only offer card or ACH-based payments, Bill Pay Exchange will provide the choice of all payment types – including real-time payments – through the consumer’s existing online or mobile banking app, said the company.

“Historically, neither the Bank Bill Pay nor Biller Direct models have delivered the ideal experience or the complete solution. We see this as a unique opportunity to bring our complementary technologies together to deliver a better bill pay experience accelerating the migration of paper bill and checks to these online channels,” stated Joe Proto, Transactis CEO.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

*The moderation of comments is automated and not cleared manually by Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

- Advertisement -SAP Hana

Related Articles