MasterCard Launches New Express Payments and Funds Transfer Service
MasterCard now allows users to send and receive funds instantly through a new service called MasterCard Send. The platform offers a powerful alternative to cash and checks by avoiding lengthy ACH clearing protocols often used by traditional banks.
It is also a step forward in addressing key payments issues highlighted by the Federal Reserve.
“Through MasterCard Send, we have enabled a breakthrough solution that takes the pain out of the system, provides faster clearing of payments, and delivers a better user experience for senders and receivers alike,” said Ed McLaughlin, chief emerging payments officer, MasterCard.
The establishment’s latest payments product comes with a range of features that sets it apart from other financial services out in the market today. MasterCard Send enables consumers with a US debit card account, including non-MasterCard debit cards, to participate in cross-border transactions.
With around-the-clock service availability, individuals have the option to receive funds through a variety of mediums, from bank accounts and cash kiosks to MasterCard and non-MasterCard cards. Sending money digitally through the platform is effortless, making it an ideal facility for personal arrangements.
For businesses, the service can be used to streamline disbursement processes such as insurance claims, redemption schemes, benefits, tax refunds and more. Similar to P2P transactions, company payouts are also instantaneous.
Berkshire Hathaway Travel Protection and FreeShipping.com are the first two businesses to adopt the new payments service.
“From the very beginning, this has been an easy integration into our claims processing system and we look forward to bringing this capability to our customers,” mentioned Josh Jandrain, vice president of application development for Berkshire Hathaway Travel Protection.
“We take pride in providing our travelers with the latest innovations and technologies, and paying claims instantly to their personal accounts is another example of what makes us unique.”