NEW YORK, June 13, 2018 – First Data (NYSE: FDC), a global leader in commerce-enabling technology, and Mastercard (NYSE: MA) announced they have joined forces, enabling First Data to provide a digital disbursement platform to Mastercard’s business customers. First Data’s Disburse-to-Debit® solution will be available to Mastercard customers that leverage MoneySend™ to push real-time payments to debit card holders.
“Mastercard has a long history of providing customers with innovative financial solutions. We are thrilled to align with them as First Data continues to expand our presence in this fast-growing market segment,” said Dan Charron, Executive Vice President, Head of Global Business Solutions for First Data. “We are focused on bringing an exceptional standard of sales and service, along with innovation, to our clients. We look forward to working closely with Mastercard to introduce its customers to our digital disbursement platform.”
Debit disbursements are growing in popularity with participants in the gig economy, such as ride sharing platforms and rental marketplaces, where workers expect real time debit payouts for their services. Other beneficiaries of real time debit payments are businesses with high volumes of consumer payouts including insurance claims, rebates, refunds and commissions.
“Through our Inclusive Futures Project, Mastercard has taken a leadership position in providing real time payments to gig and on demand workers. Joining our expertise and technology with that of First Data means our customers, ranging from airlines to insurance companies to sales organizations, can enjoy the speed and security of real time debit card payments,” said Linda Kirkpatrick, executive vice president, U.S. market development for Mastercard.
First Data’s Disburse-to-Debit solution provides a gateway for digital payments. First Data offers a unique payout option for delivering funds directly to debit cards. The solution employs a single connection for domestic and international debit networks. Additionally, Disburse-to-Debit works with prepaid offerings including First Data’s Money Network® service, which provides a convenient prepaid debit card option for consumers without traditional bank accounts.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The company’s 22,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.4 trillion per year.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.