Atlas Air Worldwide Holdings is First Company to Utilize Combined Solution to Drive Efficiencies and Simplify Entire Payments Process
PURCHASE, N.Y., July 21 /PRNewswire/ -- MasterCard Worldwide today announced that it has integrated the MasterCard Payment Gateway(TM) with iPayables' electronic invoice delivery capabilities to provide expanded payment solutions to corporations and financial institutions. The combined offering provides a complete procure-to-pay solution that supports settlement using a MasterCard payment card account or electronic funds transfer (EFT).
Atlas Air Worldwide Holdings, Inc. (NASDAQ:AAWW), a leading provider of global air cargo assets and services, is the first company to utilize the integrated capabilities of the MasterCard Payment Gateway and iPayables.
"We manage and operate the world's largest fleet of 747 freighter aircraft, providing a unique value proposition to our customers through highly reliable, cost-efficient assets and operating services," said Joseph Lopez, Sr. Manager, Indirect Procurement for Atlas Air. "Similarly, the MasterCard Payment Gateway is a highly reliable, cost-efficient service that will streamline the process for paying our suppliers, saving time and money for us and our vendors." First introduced in October 2007, the MasterCard Payment Gateway is a flexible enterprise-wide payment processing platform for routing commercial payments between buyers, suppliers and their financial institutions. iPayables is the first non-bank reseller whose functionality is coupled with the MasterCard Payment Gateway, creating an end-to-end solution that offers companies a more streamlined, faster and secure way to make payments.
"The combination of iPayables' electronic invoicing capabilities with the MasterCard Payment Gateway provides Atlas Air with one efficient and secure B2B payments solution," said Shari Krikorian, vice president, Advanced Payments, MasterCard Worldwide. "By managing multiple payment types, the MasterCard Payment Gateway is simplifying the historically inefficient, check-dominated process of payment, and solving corporations' growing demand for straight-through processing." Using the MasterCard Payment Gateway, a buyer can initiate payment card and EFT payments directly from its financial system to the banks of its suppliers. Remittance data is provided to both the buyer and supplier to speed up reconciliation processes. No account information is shared between the buyer and supplier, and the supplier does not need to use a point of sale device to originate payment.
"The MasterCard Payment Gateway expands our electronic invoicing capabilities and enables us to provide our customers with a complete payables solution that delivers increased efficiencies for all of their commercial payments needs," said Ken Virgin, CEO, iPayables.
The modular nature of the MasterCard Payment Gateway also provides financial institutions with an enterprise-wide electronic solution that they can re-brand and make available to their corporate customers, or integrate into their current product offerings to enhance their functionality and efficiency. This can enable them to increase payment volumes without building infrastructure, potentially grow profits with additional fees, deepen customer relationships and differentiate from the competition.
Suppliers that process payments with the MasterCard Payment Gateway enjoy automated payments with straight-through processing, decreased paper check processing costs, automated reconciliation via enhanced remittance information for common payment types and preference among buyers that pay electronically.
Buyers that rely on the MasterCard Payment Gateway can drive efficiencies by streamlining their payment options, integrating with existing accounts payable processes and can potentially save money by enabling one connection. Through this method/gateway, buyers can have one streamlined total payables solution that can help them increase productivity, enhance security and increase profits.
For more information about the MasterCard Payment Gateway go to: http://www.mastercardpaymentgateway.com/ .
About MasterCard MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes close to 18 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercardworldwide.com/ .
About iPayables iPayables is a leading provider of Internet invoice delivery and payment services. Founded in 1999, they reduce accounts payable paper-processing costs with a blend of technology and service. iPayables provides invoicing services for most of the major airlines worldwide in addition to a number of other Fortune 1000 companies in other industries. More than 35,000 companies in 150 countries, including over one-half of the Fortune 100 companies have invoices flowing through the InvoiceWorks application. For more information go to http://www.ipayables.com/ .
About Atlas Air Worldwide Holdings, Inc.: AAWW is the parent company of Atlas Air, Inc. (Atlas) and the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.
Atlas and Polar offer a range of air cargo services that include ACMI aircraft leasing -- in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis -- military charters, commercial cargo charters, scheduled air cargo service (including express network service for DHL Express later in 2008), and dry leasing of aircraft. For more information, go to http://www.atlasair.com/ .
Contacts: Tristan Jordan, MasterCard Worldwide +1-914-249-5724, Paul Kerins, iPayables, +1-949-215-9122, DATASOURCE: MasterCard Worldwide CONTACT: Tristan Jordan, MasterCard Worldwide, +1-914-249-5724, ; or Paul Kerins, iPayables, +1-949-215-9122, Web site: http://www.mastercardworldwide.com/ http://www.mastercardpaymentgateway.com/ http://www.ipayables.com/ http://www.atlasair.com/
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