Mastercard, a Purchase, New York-based multinational financial services corporation, as per recent reports this week, has announced to acquire Transactis, a New York, NY-based bill payment platform, in its bid to enhance the imminent Mastercard Bill Pay Exchange solution.
The Mastercard Bill Pay Exchange, which is due for a complete launch later this year, is Mastercard’s new digital solution that aims at making the bill payment process for consumers much more simpler, by providing them a single all in one platform that manages all of their bills – including utilities, rent, mortgage, and credit cards.
Transactis’ technology enables small businesses to implement digital payment services, this helps them eliminate the inefficiencies that come along with paper bills and cheques. Mastercard will offer the Bill Pay Exchange to banks and credit unions through a core set of APIs. With this acquisition, Mastercard will be able to address the consumer’s growing needs in online bank applications, as well as in billers’ websites.
“We see Transactis as strengthening our support of the bill payments space,” states Colleen Taylor, executive vice president of new payment platforms, North America for Mastercard. “Transactis’ technical and commercial know-how, combined with our reach and comprehensive payment options, will greatly simplify the entire process. We’ll be able to deliver a better real-time consumer experience, from sign-up to viewing and paying bills, leveraging the investments that have been made in the core infrastructure.”
The terms of the aforementioned transaction were not disclosed, the transaction altogether is expected to close in Q2 of this year.