Mastercard & AptPay announced the integration of Mastercard Send

By Pavithra R

AptPay, a provider of FinTech solutions custom-tailored to client’s needs, has announced the integration of Mastercard Send, a global push payments platform that enables funds to be sent securely and in near real-time into any payment card or account into the AptPay platform.

“COVID-19 has amplified the need for businesses to digitize and automate their payment processes, to free cash flow and eliminate the friction caused by handling cheques. With Mastercard Send, businesses and consumers can expect to receive funds directly, securely and in near real-time,” said Sue Hutchison, senior vice president of Product, Digital and New Payments at Mastercard in Canada.

The technology integration expects to help businesses of all sizes in the gaming, insurance, and entertainment, gig, rebate, and government program industries get faster access to cash. Companies using AptPay platform will now be able to send digital payments seamlessly and securely in near real-time through prepaid cards, bank accounts, or digital wallets. With increased transparency and the ability to approve, reject, or reverse payments as required, businesses can also reduce cheque-related expenses and fraud.

“Over the last few years, digital transformation and faster payments have been top priorities for many industries. COVID-19 has created the perfect storm, highlighting the problems caused by not having these priorities in place. AptPay’s Digital Payment Hub enables companies to execute on these priorities and weather the storm. Using our APIs, companies can easily implement Mastercard Send to process payouts where the end to end process is much faster than legacy payment types. Customers can also rely on AptPay’s compliance services to ensure transactions are safe and secure, and meet the compliance needs for their industry,” said Suganthan Vishnu Krisnarajah, CEO of AptPay.

Recently, AptPay & ComplyAdvantage partnered for Anti-Financial Crime compliance.

Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. Recently Mastercard added 11 new later stage, startups to its Start Path program.