Unique B2B platform powered by Microsoft Azure
better connects buyers and suppliers with networks, banks and
solution providers
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Mastercard Track - Making the Business of
Doing Business Easier
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MASTERCARD INTRODUCES MASTERCARD TRACK™ TO
MAKE THE BUSINESS OF DOING BUSINESS EASIER
Unique B2B platform powered by Microsoft Azure
better connects buyers and suppliers with networks, banks and
solution providers
Mastercard (NYSE:MA) today introduced Mastercard Track™ in
collaboration with Microsoft (NASDAQ:MSFT). Track is a unique
global trade platform that will simplify and enhance how companies
around the world do business with each other.
While parts of the B2B process have been digitized, large and
costly gaps still remain – an estimated $500 billion in annual
administrative costs and rising1. These costs are added to the
inefficiency of the nearly half of all global business transactions
– $58 trillion2 – that are still done in paper.
Mastercard Track will address these fundamental challenges by
further streamlining and automating the procure-to-pay-process –
enabling businesses to manage business identity, compliance and
payments in a more efficient way.
“While there have been great improvements and innovations in the
way consumers pay, the global B2B space remains highly inefficient
and paper-based,” said Michael Froman, vice chairman and president
of strategic growth at Mastercard. “This adds hundreds of billions
of dollars of costs and burdensome delays to global trade.
Mastercard Track is a tool that will help reduce frictions in the
global trading system and promote increased exports – especially by
small and medium-sized businesses.”
Unlocking growth for businesses of all sizes
While consumers have become accustomed to a broader choice of
technology solutions, businesses too are looking for speed,
security and convenience in their everyday operations. From
reducing the steps it takes to identify a business partner, to
making the payments process simpler and more transparent,
Mastercard Track has the potential to unlock economic growth and to
level the playing field for small- and medium-sized enterprises
(SME).
“Together with Mastercard, we’re helping companies around the
world accelerate the pace of their own transformation by creating a
more efficient buying and selling process at scale,” said Peggy
Johnson, executive vice president, Microsoft. “By building
Mastercard Track on Azure, Mastercard will be able to take
advantage of our stringent security and compliance standards, our
global footprint and our intelligent cloud solutions to help
organizations of all sizes drive value from the back-office to the
front of the enterprise.”
Mastercard Track underscores the company’s commitment to address
several pain points in the global business environment. The new
platform draws on and complements the whole range of Mastercard
innovation and B2B assets, from account-to-account and card payment
solutions to fraud management, data analytics and payment gateway
services.
Addressing identity, compliance and payment management
needs
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 – representing a wide
range of global businesses, to roll out Track’s identity,
compliance and payment management capabilities to buyers and
suppliers.
Beginning in early 2019, customers of these 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 cash flow – 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.
Integrated with Singapore’s National Trade Platform
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.
For more information about Mastercard Track,
please view our digital press kit or visit
mastercard.com/track.
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.
Partner quotes:
Jason Hogg, chief executive officer, cyber solutions,
Aon:“Aon is excited to collaborate with Mastercard to help
businesses address risks in the global B2B procurement marketplace
– from operational inefficiencies and expenses to compliance
concerns. Aon looks forward to designing value added services for
Track users, including offering insurance solutions to protect
against losses associated with B2B transactions, and harnessing our
data and analytic services across the Track platform.”
Maria Parpou, director of product and commercial strategy,
Barclaycard:“For more than 50 years, Barclaycard has been
pushing the boundaries to create payment solutions that help make
businesses more successful. We welcome the introduction of
Mastercard Track as an important step in improving the efficiency
of global B2B payments, and we look forward to working with
Mastercard to explore how Track can make our customers even more
competitive.”
Eric Wilson, senior vice president of North America,
Basware:“We are very excited to partner with Mastercard to
bring Track to our customers. Mastercard Track Trade Directory
complements our Networked Source-to-Pay solution. Together we can
increase the value we provide to our customers in every step of
their source-to-pay process.”
Joseph Fox, chief strategy officer, BirchStreet:“We are
excited to be part of Mastercard’s launch of new innovations
focused on B2B Payments. As BirchStreet expands our suite of
Hospitality solutions including our global payment offerings we see
Mastercard as a key strategic partner.”
Manish Kohli, global head of payments and receivables, Citi
Treasury and Trade Solutions:“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.”
Ravi Thakur, senior vice president of business
acceleration, Coupa:“The web of B2B payment channels has
become overly complex and opaque, creating friction around how
companies manage payments and understand supplier risk. By
combining Coupa Risk Aware with Mastercard Track, businesses can
gain visibility into their supplier risk profiles through
inconsistencies in payment data presented throughout
the business spend lifecycle. We’re excited to make this
offering available to our joint customers and to continue our work
to streamline the payments process by offering a Mastercard payment
option within our upcoming CoupaPay solution.”
Kurt Cavano, senior vice president & general manager, the
Infor GT Nexus Commerce Network:“We are excited to bring
Mastercard’s business identity capabilities to our customer
community. Removing friction and risk from global trade is a core
value that we strive to deliver to our customers. The Track Trade
Directory will be a valuable solution for transforming the supplier
compliance and procurement process as we continue expanding our
intelligent commerce capabilities.”
Angel L. Mendez, executive vice president and chief operating
officer, HERE Technologies:“HERE Tracking delivers users the
confidence they need to understand precisely where their goods and
services are in real-time. For buyers and suppliers, large and
small, seamless access to our asset tracking solution can directly
reduce the costs and risks of doing business. HERE is proud to
continue its strategic partnership with Mastercard as we work
together to make frictionless global commerce a reality.”
Fabrizio Opertti, division chief, trade and investment division,
Inter-American Development Bank (IDB):“IDB recognizes the
important role standardization plays in unlocking further economic
growth across Latin America – and is committed to work with public
and private partners to make it easier for businesses to trade with
each other, especially across borders, through initiatives such as
the Trade Single Windows. IDB and Mastercard have a record of
working together on creating better opportunities for SMEs – and
IDB looks forward to continue collaborating with Mastercard and
learning from experiences with the work with government
institutions in other parts of the world, such as Singapore
Customs.”
Alex Saric, chief marketing officer, Ivalua:“We are very
excited to partner with Mastercard to bring Track to the
Ivalua Platform. We look forward to helping our customers access
better information on their suppliers and improve overall supplier
management by providing additional business identity and compliance
checks as well as supplier risk information via the Track Trade
Directory.”
Rob Bonavito, chief executive officer, JAGGAER:“JAGGAER
is proud to be moving the innovation curve forward as a partner in
the Mastercard Track program with Mastercard and Microsoft, to
bring a new level of technology and control to the global spend
management space. Collectively we service most of the companies in
the world, and can bring this massive customer base an enhanced
user experience with compliance, business identity control, fraud
protection and payment tracking to establish greater trust in
global trade.”
Rob Consoli, chief revenue officer, Liaison
Technologies:“We are elated to partner with Mastercard to bring
this innovative Track solution to our 7,400 customers. We are also
pleased to provide the requisite integration capabilities
leveraging our award-winning ALLOY® Platform, to seamlessly connect
our customers’ financial applications directly to Track. We
look forward to offering additional business identity and payment
capabilities to our user-base, further enhancing our value
proposition, starting with the Track Trade Directory.”
Christian Lanng, chief executive officer and co-founder,
Tradeshift:“Tradeshift is all about enabling our partners
and their customers to assert control over the entire
procure-to-pay process. Integrating Mastercard Track into our
supply-chain network is a natural enhancement for our community and
a smart strategic move for both us and for Mastercard. Track is not
just a transaction management tool. It’s also a framework for
enabling key business partners—I’m thinking of banks and insurers
here—to extend value-added service through the new platform. We’re
proud to be selected as a launch partner for Mastercard’s rollout
of the Track framework.”
Richard Hurwitz, chief executive officer, Tungsten
Network:“Our new partnership with Mastercard is an important
component of being the world’s most trusted business transaction
network. Mastercard Track offers additional business identification
capabilities that will give Tungsten Network customers deeper
insight into their supply chain and enhance the value of their
membership, allowing them to trade with confidence across our
globally compliant platform.”
_____________________________1 Goldman Sachs, “The Future of
Finance, Redefining the Way We Pay in the Next Decade,” 20152
Sources 2016 – Oxford Economics, Euromonitor International, Kaiser
Associates, McKinsey Payment Data, Mastercard Internal Analysis
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180912005663/en/
Mastercard CommunicationsSeth Eisen,
914-325-5932seth.eisen@mastercard.com
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