Streamlining payment options with MasterCard

A new integration is taking place on the electronic payments market. According to the official statements MasterCard Payment Gateway was integrated with iPayables' electronic invoice delivery capabilities to provide expanded payment solutions to corporations and financial institutions.

The first company to avail of the integrated capabilities of the MasterCard Payment Gateway and iPayables is Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading provider of global air cargo assets and services.

With MasterCard Payment Gateway a buyer is enabled to initiate payment card and EFT payments directly from its financial system to the banks of its suppliers. Both buyer and supplier are provided with remittance data which leads to reconciliation speed-up. The advantage of the process is obvious as buyer and supplier need not share their account information. In addition there is no need in POS device when processing the payment.

"The MasterCard Payment Gateway expands our electronic invoicing capabilities and enables us to provide our customers with a complete payables solution that delivers increased efficiencies for all of their commercial payments needs," said Ken Virgin, CEO, iPayables.

"The combination of iPayables' electronic invoicing capabilities with the MasterCard Payment Gateway provides Atlas Air with one efficient and secure B2B payments solution," said Shari Krikorian, vice president, Advanced Payments, MasterCard Worldwide. "By managing multiple payment types, the MasterCard Payment Gateway is simplifying the historically inefficient, check-dominated process of payment, and solving corporations' growing demand for straight-through processing."