Mastercard partners with Oracle to speed social and economic assistance
By Pavithra R
Mastercard has announced partnering with Oracle to launch an automated, end-to-end solution to help governments, non-profits and financial services firms to streamline the delivery of economic assistance around the world.
As the need for economic relief and assistance continues to escalate globally, the complexities and challenges in meeting those needs are also soaring up. The new integrated Oracle and Mastercard solution automates the process of helping those in need with the added advantage of removing inefficiencies, reducing operational costs, and enhancing fraud prevention.
“We empathize with the complex challenges faced by governments mobilizing to deliver relief in a timely fashion. By joining forces with Mastercard, we are bringing together decades of public sector expertise, Oracle’s powerful, automated self-service, eligibility and case management capabilities and Mastercard’s innovations in digital payments. The result is that it is now easier than ever for governments to prioritize scarce funds and bring immediate assistance to those who need it most,” said Rob Tarkoff, executive vice president, Oracle Advertising and Customer Experience.
The new solution offers several critical features that meet the disbursement needs of financial assistance programs:
- Eligibility Determination: Sophisticated rules-driven eligibility determination and payment calculations capabilities are established by Oracle Service.
- Eligibility Verification: Interactive wizards, secure digital uploads and video conferencing allow constituents to confirm the documentation and steps needed to verify eligibility, and prove that they meet requirements in the absence of in-person interactions.
- Application Process: A digital, rules-driven application process for benefit programs that is accessible anywhere, anytime.
- Online Access: Online and mobile self-service portals which delivers personalized and automated advice.
- Funds Access: Providing choice, flexibility and convenience for recipients to select their preferred payment method, whether through virtual or physical prepaid cards or to their debit cards via Mastercard Send, which facilitates near real-time push to card payments backed by the network security of Mastercard’s debit technologies.
“The pandemic has underscored the need for governments and organizations to streamline and digitize the disbursement process to ensure that qualifying residents receive relief payments quickly and securely. By pairing our secure and innovative solutions with Oracle, we can enable economic assistance programs at scale and deliver payment solutions that are both cost-effective and fast, in turn supporting those in need,” said Miguel Gamino, executive vice president, Enterprise Partnerships and Head of Global Cities at Mastercard.
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