Mastercard introduces B2B Payments Platform

Mastercard has announced it is launching a new global trade platform on Azure in collaboration with Microsoft, Mastercard Track, that promises to streamline and automate the procure-to-pay process.

Initially, Mastercard is partnering with nine B2B networks and procure-to-pay solution providers – Basware, BirchStreet, Coupa, the Infor GT Nexus Commerce Network, Ivalua, Jaggaer, Liaison Technologies, Tradeshift and Tungsten Network –to roll out Track’s identity, compliance and payment management capabilities to buyers and suppliers.

Mastercard initially launched Track in 2018 as a trade platform to address identity, compliance and payment management needs. The Mastercard Track Business Payment Service will be rolled out globally, starting with the US market in the first half of 2020.

Organizations will be able to maintain, retrieve and exchange key information relating to themselves and their trading partners through the Track Trade Directory, a secure, permissioned repository of over 150 million company registrations worldwide. This central directory will integrate feeds from more than 4,500 compliance lists into one place, making the screening and onboarding of suppliers more efficient.

As the platform expands, suppliers will have better visibility into cashflow – when they can expect to get paid and for how much – across multiple networks. Track will help connect all types of payments – account-based, card-based or bank transfer – within the platform, while also connecting purchase order and invoice information. This will streamline and simplify back-office reconciliation, one of the largest burdens facing businesses today.

Through its partners, Track will enable B2B networks, banks, insurance companies and technology providers to extend value-added services to business customers, such as enhanced data analytics and trade finance.

In Singapore, Mastercard Track has already been integrated with the National Trade Platform, a one-stop digital trade ecosystem which brings together key logistics functions, such as movement of goods as well as regulatory and financial elements for players across the trade value chain.

Mastercard Track facilitates secure and efficient electronic payments between buyers and suppliers, helping to strengthen the country’s position as the leading trading hub for the region.

Manish Kohli, global head of payments and receivables, Citi Treasury and Trade Solutions, said, “This new service from Mastercard addresses a number of defined pain points in the current B2B payables environment in ways that we believe could deliver direct value to Citi’s corporate customers. We are actively evaluating how we can leverage Mastercard Track to enhance Citi’s current range of payables solutions for our TTS clients.” 

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