First Data and Mastercard in digital disbursement duet
First Data and Mastercard have joined forces, enabling First Data to provide a digital disbursement platform to Mastercard’s business customers.
The good old handshake image – welcome back
As part of their partnership, the Disburse-To-Debit solution will be available to Mastercard customers that use MoneySend to push real-time payments to debit card holders.
“Joining our expertise and technology with that of First Data means our customers, ranging from airlines to insurance companies to sales organisations, can enjoy the speed and security of real-time debit card payments,” says Linda Kirkpatrick, executive vice-president, US market development for Mastercard.
According to the duo, debit disbursements are growing in popularity with participants in the gig economy, such as ride sharing platforms and rental marketplaces, where workers expect real-time debit payouts for their services.
They add that other beneficiaries of such debit payments are businesses with high volumes of consumer payouts including insurance claims, rebates, refunds and commissions.
The Disburse-to-Debit solution provides a gateway for digital payments and it employs a single connection for domestic and international debit networks.
As you’d expect, both firms have been in the news recently.
Last month, Italian paytech vendor SIA revealed it will acquire First Data’s card processing businesses in parts of Central and Southeastern Europe for €375 million.
Also in May, Mastercard tackled faster payments in the UK, smart watches and open banking – and launched its new Accelerate initiative for fintech firms.
