Mastercard Inc (NYSE: MA) announced Friday that it has reached an agreement to acquire Transactis, a bill delivery and payment platform for businesses.
The terms of the acquisition were not disclosed.
The deal allows Mastercard to address bill payment needs in online bank applications and biller websites with better end user interfaces, more payment options and digital bill presentment capabilities, the credit card network said.
"Transactis' technology helps companies improve their customers' bill payment experience, while reducing inefficiencies associated with paper bills and checks," according to Mastercard.
"It provides access to a flexible digital service that can be used by even the smallest businesses, such as schools and property owners, who often don't support online bill pay."
Why It's Important
The acquisition of Transactis strengthens Mastercard's support of the bill payments space, Colleen Taylor, Mastercard's executive vice president of new payment platforms in North America, said in a statement.
"Transactis' technical and commercial know-how, combined with our reach and comprehensive payment options, will greatly simplify the entire process," Taylor said.
"We'll be able to deliver a better real-time consumer experience, from sign-up to viewing and paying bills, leveraging the investments that have been made in the core infrastructure."
Mastercard said it expects the transaction to close in the second quarter.
The company's shares were up 0.34 percent at $247.95 at the close Friday.
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