The acquisition will further strengthen Mastercard’s bill payment services
Transactis offers digital bill payment platform to small businesses like schools and property owners, who often doesn’t have online bill pay facilities. The company does this through a broad network of bank and non-bank partners. Further, the technology helps 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.” He added, “Transactis’ technical and commercial know-how, combined with our reach and comprehensive payment options will greatly simplify the entire process.”
The company said that its Bill Pay Exchange will be offered to banks and credit unions through a core set of APIs. Currently, some bill pay services only provide card or ACH-based payments, Bill Pay Exchange will offer the choice of all payment types including real-time payments through the consumer’s existing online or mobile banking app.
Joe Proto, Transactis CEO stated, “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.”