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Mastercard Strengthens Bill Payment Services with Acquisition of Transactis - Supports Efforts to Transform and Accelerate Growth of Mastercard Bill Pay Exchange - Transactis.com / Mastercard.com
Mastercard Strengthens Bill Payment Services with Acquisition of Transactis

 

NewswireToday - /newswire/ - Purchase, NY, United States, 2019/05/03 - Supports Efforts to Transform and Accelerate Growth of Mastercard Bill Pay Exchange - Transactis.com / Mastercard.com.

   
 
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Mastercard today announced it has entered into an agreement to acquire Transactis, a platform that helps businesses deliver bills and receive payments through one simple-to-navigate experience.

In today’s digital age, a surprising 44 percent of the 15 billion bills that Americans pay each year are made by paper check or cash. Consumers who pay their bills online do so in a variety of ways, including online banking applications or biller’s websites.

Transactis’ technology helps companies improve their customers’ bill payment experience, while reducing inefficiencies associated with paper bills and checks. It provides access to a flexible digital service that can be used by even the smallest businesses, such as schools and property owners, who often don’t support online bill pay.

Transactis distributes its technology through a broad network of bank and non-bank partners.

“We see Transactis as strengthening our support of the bill payments space,” said 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.”

Redefining Online Bill Pay
Last fall, Mastercard announced Mastercard Bill Pay Exchange, a new digital solution that makes it easier for consumers to view, manage and pay telecom, utility, rent, credit card, mortgage and other personal bills. The platform allows consumers to use their existing banking apps to easily set up all billers, receive notifications when a bill is due, see bill details, and manage multiple bills in one place including specifying when and how much to pay.

Bill Pay Exchange is offered to banks and credit unions through a core set of APIs, enabling them to provide this service to their customers through one easy interaction. While some bill pay services only offer card or ACH-based payments, Bill Pay Exchange provides the choice of all payment types including real-time payments through the consumer’s existing online or mobile banking app.

Enhanced Capabilities, Better Experience
With the acquisition of Transactis, Mastercard will now be able to address bill payment needs in online bank applications as well as in biller websites with enhanced end user interfaces, expanded payment options and digital bill presentment capabilities.

“Mastercard has been a great partner and pushed the industry forward in this space,” said Joe Proto, Transactis CEO. “Historically, neither the Bank Bill Pay nor Biller Direct models has 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.”

Terms of the agreement were not disclosed. The transaction is anticipated to close in the second quarter. Mastercard Bill Pay Exchange is slated for full launch later in the year.

About Mastercard

Mastercard (mastercard.com) is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities such as shopping, traveling, running a business and managing finances easier, more secure and more efficient for everyone.

About Transactis

Transactis (Transactis.com) transforms traditional billing and payment processing with innovative, reliable, and secure digital solutions. Its advanced technology simplifies receivables management, and is delivered to market through banks and service providers that support millions of businesses. Transactis meets the strictest regulatory and compliance requirements including HIPAA, SSAE 16, PCI Level 1, and SOC 2. Transactis has received the Inc. 500 Award, Deloitte Technology Fast 500 Award, AlwaysOn OnFinance Top 100 Award, Red Herring Top 100 Award, PYMNTS Innovation Award, PayStream Advisors Innovative Technology Award, and has been named a ‘Cool Vendor’ by Gartner. Transactis’ investors include Compound, ff Ventures, MacAndrews & Forbes, Safeguard, StarVest, Capital One, Fifth Third, PNC, TD and Wells Fargo.

Forward-Looking Statements
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe,” “expect,” “could,” “may,” “would,” “will,” “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to Mastercard’s future prospects, developments and business strategies, as well as Mastercard’s acquisition and operation of Transactis’ business. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.

Many factors and uncertainties relating to the proposed transaction, our operations and our business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of these factors could cause our actual results or the impact of the acquisition to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf. Such factors related to the completion and impact of the acquisition include, but are not limited to, whether all necessary conditions will be met, and whether the transaction will close on agreed terms and in a timely manner.

For additional information on other factors related to Mastercard’s overall business that could cause Mastercard’s actual results to differ materially from expected results, please see the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2018, and any subsequent reports on Forms 10-Q and 8-K.

Investor Relations Contact: Gina Accordino
P: 914-249-4565 - E: investor.relations[.]mastercard.com.

 
 
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Mastercard Strengthens Bill Payment Services with Acquisition of Transactis

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