Finextra

Mastercard is working with PNC Bank to pilot a system that lets businesses pay suppliers in real-time when receiving goods or services.

The Payment on Delivery program, which taps the Clearing House’s RTP network for real-time clearing and settlement, is designed for industries with complex distribution networks and supply chains.

It promises to cut down onerous paperwork, manual processes and complicated reconciliation largely driven by the use of cash and checks, enabling suppliers to get instant access to funds and rich information associated with the transaction, leading to better insights into cash flow.

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