Mastercard announced that it will pilot a new service called Payment on Delivery with PNC Bank, which will allow companies to make real-time payments for goods and services.
Under the pilot program Mastercard will work with Rutherford & Associates, an enterprise resource planning provider, in order to test payments on the alcohol and spirits business, which is a business that operates under a large amount of regulatory bottlenecks.
“Mastercard was seeking strategic, dynamic partners who were fully committed to exploring real-time payment capabilities,” Chaiti Sen, spokesperson for Mastercard, told Mobile Payments Today. “On the bank side, we needed partners who were already fully up and running with request for payment capabilities and we specifically selected an ERP provider who was willing to test and learn in a new area, but who also had a presence and knowledge in the alcohol distribution space.”
PNC Bank participates in the RTP network from The Clearing House, which provides real-time payment and settlement capabilities. The real-time payments capabilities will help eliminate the use of cash and checks and allow for immediate payment upon distribution.
Cover image: Mastercard