April 20, 2001 – MasterCard International is rolling out a system that it says sets the stage for members to participate in new business opportunities – both globally and locally – including mobile commerce.

The payment processing platform, which can process any type of transaction, including wireless applications and transponders, will allow real-time online access to transactional data, according to Jerry McElhatton, MasterCard global technology and operations senior executive vice president. In addition, the platform provides customization options that can factor in information such as currency and time zones.

""The days of 'one size fits all' are over," said McElhatton. "With the new platform, our members' business goals drive the technology, instead of technology driving their business decisions."

MasterCard plans to deliver the new platform in three stages, he added:

• A massive, world-wide upgrade of Banknet, MasterCard's global network, to the industry's first virtual private network

• Development of new customizable features and functionality through proprietary modular software, focused on the introduction of a new clearing system

• Distribution of network processing to Regional Service Centers, enabling customized local processing

The new payment solution features expanded customization options, the company said. Members, for example, will be able to dictate daily settlement times based on what makes business sense for them, factoring in local holidays and time zones instead of conforming to the U.S. clock and calendar. Members also can determine which currency they will settle in rather than being forced to convert to U.S. dollars.

Additionally, the new platform provides support for local data practices, local processing and local fees. The new platform will recognize a member as a single entity, whether it operates in one or multiple countries. Mastercard said this means member portfolios can be consolidated, even though they may be settled in varying currencies.