Mastercard acquires Transactis to boost Bill Pay Exchange
Mastercard has agreed to acquire bill payment platform Transactis, which will enhance the imminent Mastercard Bill Pay Exchange solution, reports Jane Connolly.
Due for full launch later this year, Mastercard Bill Pay Exchange is a digital solution that aims to make bill payment simpler for consumers, by allowing them to manage a variety of bills – including utilities, rent, mortgage and credit cards – all on one platform.
Transactis’ technology makes digital payment services available even to small businesses, to remove the inefficiencies that can be caused by paper bills and cheques.
Bill Pay Exchange is offered to banks and credit unions through a core set of APIs, providing the choice of all payment types through the consumer’s online or mobile banking app.
The acquisition of Transactis will enable Mastercard to address bill payment needs in online bank applications, as well as in billers’ websites.
“We see Transactis as strengthening our support of the bill payments space,” says 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 transaction – the terms of which were not disclosed – is expected to close in Q2 of this year.
