To strengthen its bill payment services, Mastercard Inc. has announced that it has entered into an agreement to buy Transactis, for an undisclosed amount. The company said that the move will support the effort to transform and accelerate the growth of Mastercard Bill Pay Exchange.
The digital bill payment platform, Transactis, will make it easy for companies of all sizes, who doesn’t often support bill pay, such as property owners and schools, to accept online and mobile payments.This technology will help companies to decrease inefficiencies associated with paper bills and checks and bolster the bill payment experience of its customers.
Mastercard executive vice president of new payment platforms Colleen Taylor said , “We see Transactis as strengthening our support in the bill payment space. Transactis’ technical and commercial know-how, combined with our reach and comprehensive payment options will greatly simplify the entire process.”
The 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.