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Mastercard launches Track Business Payment Service in U.S. modernising B2B payments

James Anderson, executive vice president of Global Commercial Products at Mastercard.

Mastercard has announced the launch of Mastercard Track Business Payment Service to realise its vision to modernise and transform business-to-business (B2B) payments. The solution offers greater control over payments and more productive data exchanges that enable automated reconciliation for suppliers and application of all payment options approved by suppliers.

The new Track Business Payment Service launch is expected to bring buyers and suppliers of all sizes, improved efficiency and working capital management which is of heightened importance in the current economic environment.

The service enables them to manage their payments more efficiently in a single platform resulting in better outcomes for both parties. Suppliers can systemically manage how they get paid for invoices from different Buyers. Buyers can optimise and automate efficiencies in paying suppliers with improved reconciliation to manage cash flow and capture early payment discounts. The platform minimizes the need for manual and time-consuming back-and-forth between Buyers and Suppliers. Further, the remittance data associated with every payment allows suppliers to reduce time and labour spent on reconciliation and on making inquiries to their Buyers.

“When we started work on Mastercard Track Business Payment Service, we looked at the persistent problems in B2B payments and asked ourselves how we could solve them for the benefit of Buyers and Suppliers. We realized that we needed to apply the techniques that work so well in consumer payments: delivering value to both Buyers and Suppliers, embracing standardization, driving scale by working with the most capable partners and by creating incentives to drive behavioral changes by the participants,” said James Anderson, executive vice president of Global Commercial Products at Mastercard.

Mastercard is planning to add ACH payments later this year and cross-border payments in 2021. The company is also working with U.S. commercialization partners, including CSI, Velo Payments, Veem, and VersaPay, to execute a series of market tests on ACH payments in the U.S. throughout 2020.

“What we’re building with our partners is a fully digitalized and extremely efficient way for businesses to pay and get paid using multiple payment rails so that Buyers and Suppliers each capture new and demonstrable value from their payments activity. It gives businesses a way to maintain control, manage cash flow better and be more operationally efficient – all things that are incredibly important for companies navigating today’s economic challenges,” said Anderson.

The first commercial version of Track Business Payment Service is launched in the U.S. using card payment rails, with distribution partners across the B2B ecosystem, including Global Payments, Fiserv, AvidXchange, Boost Payment Solutions, Corporate Spending Innovations (CSI), HighRadius, Tesorio, Veem, Velo Payments, VersaPay and YayPay.

“Connecting Buyers with Suppliers streamlines B2B payments, and increases the number of payments that can be completed electronically. With access to Mastercard Track Business Payment Service, businesses using our SnapPay solution will benefit from a more efficient process while continuing to have access to their preferred payment methods including card and ACH,” said Suhas Gosavi, SVP and GM of B2B Solutions, Fiserv.

Mastercard is also pursuing global expansion, and has piloted Track Business Payment Service for card with Paymentez in Latin America in 2019 and is to perform full commercial launch there. The FinTech is planning for pilot execution in Europe, Middle East and Africa and Asia-Pacific during 2020 with commercial launches following. The company recently announced free cybersecurity tools for small businesses in Canada through RiskRecon.

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