Mastercard announced that it is partnering with PNC Bank to pilot Payment on Delivery, a new solution allowing businesses to pay a supplier in real time when receiving goods or services.
The solution leverages the RTP network from The Clearing House for real-time payments clearing and settlement capabilities, allowing suppliers to receive instant access to funds, as well as detailed information about the transaction.
“PNC has been at the forefront of real-time payments, and we are pleased to be able to extend request-for-payment capabilities across the real-time payment rails,” Chris Ward, executive vice president and head of product & operations for PNC Treasury Management, said in a press release. “Through this program, together we can bring speed and transparency to these critical business payments.”