Mastercard™ Track to Modernize $125 Trillion Global B2B Payments Market
September 12 2019 - 8:00AM
Business Wire
- Payments leader unveils vision and products to transform global
business-to-business payments market.
- Mastercard TrackTM Business Payment Service is the first global
open-loop commercial service built to simplify and automate
payments between the world's suppliers and buyers.
Advances in technology and actionable real-time data are driving
businesses to operate faster and smarter. Yet, business payments
are often rooted in legacy practices established decades ago. Until
now.
Mastercard (NYSE: MA) today unveiled its plans to modernize the
business-to-business (B2B) payment ecosystem with Mastercard
TrackTM. The Track brand of products represents a transformational
change for suppliers and buyers: solutions that will reduce
complexity, cut costs and automate processes.
“The business world has accelerated, but the payments that
enable it are stuck in neutral - paper checks and manual invoicing
need to be scrapped, man-hours need to be applied to more strategic
roles and back-offices need tools to help streamline operations,”
said James Anderson, Executive Vice President, Commercial Products.
“Mastercard Track helps supplier and buyer partners tackle the
systemic challenges of business-to-business payments, reinventing
how businesses send and receive funds so B2B payments can keep pace
with innovation and liberate enterprises from the inefficiencies
throughout the system.”
Mastercard launched Track in 2018 as a trade platform to address
identity, compliance and payment management needs. As a secure,
permissioned repository of more than 210 million registered
entities worldwide, the trade directory is a central component to
the expanded suite of products and services. Track will now
encompass all current and future B2B payment products – a
collection of tools and services that will significantly improve
and simplify the way businesses pay and get paid.
A Direct Connection to Greater Value, Efficiency and
Control
Central to the growing Track portfolio is the new Mastercard
TrackTM Business Payment Service, a single connection bringing
together multiple payment types, greater control and richer data to
optimize B2B transactions for both suppliers and buyers.
- Multiple Payment Types – As a multi-rail company,
Mastercard is bringing choice of how to pay and get paid –
ACH/account-to-account and card-based payments – to one solution
with Track Business Payment Service. Suppliers can set customized
payment preferences that work best for their business. Buyers can
easily discover suppliers, with visibility into which payment types
they accept and under which conditions.
- Common Standards – Track Business Payment Service is
built on the leading PCI and ISO standards to maximize automation
and secure data exchange, accelerating the reconciliation process
by supporting all file formats. Supplier terms and conditions will
be applied to payments through a centralized directory for added
transparency.
- Richer Data Exchanges – Every transaction is processed
with the data that is needed by the supplier. Remittance data,
including buyer identification information and corresponding
invoice numbers will eliminate the guessing game of aligning funds
with invoices, making reconciliation easier and simplifying cash
flow management.
“We believe now is the time to reinvent this $125 trillion
ecosystem,” added Anderson. “Having all types of payments under one
roof, connections to virtually every business-payment partner
across the globe and innovation that already digitizes and
automates legacy infrastructure, Mastercard is the partner uniquely
positioned to deliver unmatched capabilities to vastly improve the
way businesses conduct trade at scale.”
Pilot Rollout, with 2020 Availability.
The Mastercard Track Business Payment Service will be rolled out
globally, starting with the US market in 1H 2020. The company will
make the product available through supplier and buyer partners who
will incorporate it into their existing product offerings; it is
being piloted exclusively today by customers in North America ahead
of market availability. Pilot customers and partners include B2B
payments optimizer, Boost, payment solutions providers CSI and
TSYS, Accounts Receivable (AR) software providers VersaPay, YayPay,
and HighRadius and Accounts Payable automation provider
AvidXchange.
Notes to Editors:
Partners participating in the Mastercard Track pilot had the
following to say:
“As exclusive payments partner for the Mastercard B2B Hub, we’re
excited to pair the strength of the AvidPay Network’s more than
500,000 suppliers with the Mastercard Track portfolio to increase
access to simple, secure electronic payments. This represents an
important next step in our partnership and combined efforts to
transform how the B2B ecosystem pays their bills.” – Michael
Praeger, CEO and Co-Founder, AvidXchange
“Mastercard’s vision of creating a single cloud made up of buyer
and supplier agents that collectively eliminate the friction often
associated with the use and acceptance of commercial cards for all
buyers and suppliers is exactly what the B2B payments ecosystem
needs. We are honored and excited to have been chosen by Mastercard
to serve as the first supplier agent for the BPS platform and we
look forward to working with them and other BPS partners in a
collaborative effort to expand commercial card utilization well
beyond anyone’s expectations.” – Dean M. Leavitt, Founder and CEO,
Boost Payment Solutions, Inc.
“CSI is pleased to participate as an early participant of the
Mastercard Track Business Payment Service initiative. Innovation
and thought leadership that eases and simplifies buyer and supplier
electronic acceptance is key to the future of B2B payments.
Mastercard has taken a neutral yet forward-thinking approach to
easing card payment acceptance for merchants via a flexible
one-to-many API service that has resulted in a promising solution
to help issuers simplify payment acceptance and delivery.” – Jason
Kolbenheyer, Managing Director, International Operations, CSI
“B2B payments is a rapidly growing segment in today’s payments
landscape and we’re excited to partner with Mastercard on their
expanded Track program to provide key access to card acceptor
suppliers within the B2B payment chain. Our participation provides
an opportunity to introduce our large partner network to the
Mastercard program and help drive more B2B payments acceptance in
the market.” – Dave Duncan, SVP of Product Development, TSYS
Merchant Solutions
“We’re excited to be one of the first companies using Mastercard
Track Business Payment Service to process transactions between the
thousands of buyers and enterprise suppliers on our
Customer-Centric AR Automation platform. With Track Business
Payment Service, we have a flexible new payment alternative that
will orchestrate the movement of dollars and data across multiple
payment types, an innovation that we believe will make digital
payments the preferred choice for B2B transactions.” – Craig
O’Neill, CEO, VersaPay
“YayPay couldn’t be more excited to join forces with Mastercard
to support their efforts to modernize the world of B2B payments.
YayPay sits at the hub of the buyer and supplier relationship and
is uniquely positioned to disrupt the ‘status quo’ of B2B payments.
The combination of Mastercard Track and YayPay will enhance
inefficient processes to radically improve and simplify the way
businesses pay and get paid.” – Anthony Venus, CEO, YayPay
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
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Alyssa Rosenblatt alyssa.rosenblatt@mastercard.com
914.249.1564
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