Mastercard to acquire Transactis to bolster digital bill payments
Mastercard has agreed to acquire digital bill payment platform Transactis, a deal the card network expects to close during the second quarter of 2019.
The acquisition of Transactis, and its focus on business bill payments and receivables, continues an ongoing industry effort to convert paper check or cash payments to digital. It would also support the consumer-focused Mastercard Bill Pay Exchange delivered to some banks late last year and scheduled for full launch this year.
"We see Transactis as strengthening our support of the bill payments space," Colleen Taylor, executive vice president of new payment platforms in North America for Mastercard, said in a Friday press release.
"Transacatis' technical and commercial know-how, combined with our reach and comprehensive payment options will greatly simplify the entire process," Taylor added. "We'll be able to deliver a better real-time consumer experience, from signup to viewing and paying bills, leveraging the investments that have been made in the core infrastructure."
Mastercard targets banks as customers for Mastercard Bill Pay Exchange to, in turn, offer that service to the bank customers. With Transactis in the mix, Mastercard says it can address bill payment needs in online bank applications as well as in biller websites with enhanced end-user interfaces, expanded payment options and the ability to present bills in digital form.
"Mastercard has been a great partner and pushed the industry forward in this space," Transactis CEO Joe Proto said in the release. "Historically, neither the bank bill pay or biller direct models have delivered the ideal experience or the complete solution."
The opportunity to combine the Mastercard and Transactis technologies will deliver "a better bill pay experience and accelerate the migration of paper bills and checks to these online channels," Proto added.
Financial terms of the acquisition agreement were not disclosed.