Those services are the Invoice Pay and myFlex Payroll card.
Invoice Pay, according to the release, allows for the payment of supplier invoices for finance and accounting customers, allowing them just one way to pay and process invoices.
ACH, wire, check and virtual cards are included payment capabilities.
Customers will also be able to take advantage of more fraud protection, invoice reconciliation and a payment optimization engine that works with supplier payment preferences.
The myFlex Payroll card will add new options for those using the Workday Payroll features, many of whom still use paper payments instead of digital.
According to the press release, paper checks can be expensive, costing as much as $23 per employee every month and more than $200 annually per employee. With the new card, companies will reportedly be able to cut down on payroll costs, allow for a new digital solution for payments (including for those unbanked or underbanked), and cuts down on exposure risk through the new fraud prevention measures included.
There will also be Mastercard benefits included, such as contactless payments, ID theft protection, credit monitoring and transaction alerts, and Priceless Experiences access, a benefit for Mastercard holders that presents activities both digitally and in cities where the users reside.
The card will allow users to buy things anywhere Mastercard is accepted.
The invoice financing ecosystem is facing challenges including the way things are priced. According to Hector Macandrew, it’s a “mathematical” issue with financiers often not being clear, with complex structures and changing overall costs. The changes depend on what percentage of an invoice is financed along with things like subscription fees, charter listing fees and various change rates, among other things.
That, according to PYMNTS, makes it difficult for businesses to know what they’re paying for or whether they have to compare invoices.