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,
Tristan_jordan@mastercard.com
Paul Kerins, iPayables, +1-949-215-9122, paul.kerins@ipayables.com
SOURCE MasterCard Worldwide
