Expansion to Modernize B2B Payments across
North America, Europe, Latin America, Middle East and Asia
Pacific
Last year, Mastercard declared its vision to
modernize and transform business-to-business (B2B) payments. Today,
Mastercard is making that vision a reality by announcing the
commercial launch of Mastercard TrackTM Business Payment Service.
It offers greater control over payments and richer data exchanges
that enable automated reconciliation for Suppliers and application
of all payment options approved by Suppliers. B2B payments can now
work harder, faster and smarter for businesses.
This launch brings improved efficiency and working capital
management to Buyers and Suppliers of all sizes, which is more
necessary than ever in the current economic environment. Track
Business Payment Service enables Buyers and Suppliers to manage
their payments more efficiently – resulting in better outcomes for
both parties. Suppliers can systemically manage how they get paid
for different invoices for different Buyers. Buyers can optimize
and automate efficiencies in paying Suppliers with improved
reconciliation to manage cash flow and capture early payment
discounts.
All of this is managed through a single platform that minimizes
the need for manual and time-consuming back-and-forth between
Buyers and Suppliers. Further efficiencies are realized through the
provision of rich remittance data with every payment, allowing
Suppliers to reduce time and labor 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," said James Anderson,
executive vice president of Global Commercial Products at
Mastercard. "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."
"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,”
Anderson said. “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.”
The first commercial version of Track Business Payment Service
has launched in the U.S. with distribution partners across the B2B
ecosystem, including Global Payments, AvidXchange, Boost Payment
Solutions, Corporate Spending
Innovations (CSI), Fiserv,
HighRadius, Tesorio, Veem, Velo Payments, VersaPay and YayPay.
New Functionality and New Geographies in the Works
Track Business Payment Service is live in the U.S. using card
payment rails. ACH payments will be added later this year and
cross-border payments in 2021. We are working with our U.S.
commercialization partners, including CSI, Veem, Velo Payments
and VersaPay, to execute a series of market tests on ACH payments
in the U.S. throughout 2020.
Beyond the U.S., we are aggressively pursuing global expansion.
Mastercard piloted Track Business Payment Service for card with
Paymentez in Latin America in 2019, and we are readying our full
commercial launch there. Further pilots will be executed in Europe,
Middle East and Africa and Asia-Pacific during 2020, with
commercial launches to follow. For example, in Europe, Mastercard
is piloting card payments with Adflex and domestic and cross-border
ACH payments with Veem.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
What Our Partners are Saying
“As a leading global payments provider of technology and
software solutions, we are uniquely positioned to enable B2B
payments acceptance across our issuer and merchant platforms,
connecting Buyers and Suppliers to both sides of the transaction
within the commercial payments ecosystem. We’re thrilled to partner
with Mastercard on this initiative, as we have long recognized the
potential of B2B payments and offer a comprehensive virtual
payments solution that will help drive more B2B payments acceptance
through our large partner network.” - Jim Egbert, Senior Vice
President, Business Development & Strategic Partnerships,
Global Payments
“In today’s environment, innovations that support efficiency and
cash flow are critical to address the challenges businesses
experience with paying bills. We share Mastercard’s focus on
delivering value for both Buyers and Suppliers through accounts
payable automation, and view this as an opportunity to continue our
collaboration in transforming B2B payments by eliminating paper
checks.” – Michael Praeger, CEO and Co-Founder,
AvidXchange
“Boost is committed to helping enterprises eliminate the pain
points associated with commercial card use and acceptance. We are
excited to be a part of Mastercard Track Business Payment Service
platform, especially at a time when businesses are looking to
increase operational efficiencies and reduce costs.” - Dean M.
Leavitt, CEO & Founder, Boost Payment Solutions
“CSI is pleased to deploy the Mastercard Track Business Payment
Service commercially, to offer the valued added digital payments
service to Buyers, Suppliers, partners and financial institutions
that license CSI’s Paysystems Platform. As we analyze CSI’s robust
data in collaboration with Mastercard, we’ve discovered many
opportunities to streamline the payment experience on all sides. We
were the first Payment Agent to register Buyers onto the Business
Payment Service network and look forward to growing this service
with Mastercard.” – Jason Kolbenheyer, Chief Product Officer,
CSI
"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." – Suhas
Gosavi, SVP and GM of B2B Solutions, Fiserv
“Managing cash flow performance has never been more critical.
The conundrum is that DSO objectives of a Supplier are in
opposition to DPO objectives of a Buyer. At Tesorio, we provide
companies a complete platform to run their A/R teams, intelligently
time their A/P, and use machine learning to forecast cash. By
partnering with Mastercard Track Business Payment Service, we will
be able to bring Buyers and Suppliers into even greater alignment
by allowing them to automatically find mutually beneficial payment
terms. This is a working capital win-win.” - Carlos Vega,
Co-Founder & CEO, Tesorio
“We’re pleased to partner with Mastercard on this innovative and
needed partnership to scale network-based payments on behalf of
businesses around the world. Our deep experience in building and
optimizing our global network of account-to-account domestic and
cross-border B2B payment transactions aligns well with the
international expansion of Mastercard Track Business Payment
Service. We look forward to extending our simple, secure, and
transparent financial tools and capabilities to the Business
Payment Service in North America and Europe. Veem's global
relationship with Mastercard continues our shared mandate to
revolutionize the global payments space for both Buyers and
Suppliers around the world.” – Marwan Forzley, CEO, Veem
“Velo is proud to play a role as a payment agent for Buyers and
Suppliers with the Mastercard Track Business Payment Service, a
critical step to improve data quality in B2B payments. We're
excited to provide easy, scalable and configurable payment services
that are optimized for the new economy.” – Drew Weinstein, CEO,
Velo
“We’re very pleased to be partnering with Mastercard, and
excited about the capabilities Mastercard Track Business Payment
Service will offer Suppliers. The Business Payment Service support
for controlling payment methods and integrating remittance data
aligns perfectly with our core focus of enabling Suppliers to
automate their acceptance of digital payments. We are also pleased
with the additional services that Mastercard is offering to
accelerate our time to market.” - Craig O’Neill, CEO,
VersaPay
“At YayPay our business has always been about making it easier
for Suppliers to collect on their invoices, manage precious working
capital, and sustain critical client relationships. That’s more
important than ever in the current economic environment. We are one
of the first payment agents to join the Mastercard Track Business
Payment Service network, enabling our customers to benefit from
this upgrade. So we’re delighted to be partnering with Mastercard
in its mission to transform B2B payments for the benefit of both
Suppliers and Buyers.” – Anthony Venus, CEO & Co-founder,
YayPay
“Paymentez is excited to integrate Mastercard Track Business
Payment Service into our platform to enrich the information our
customers receive in their payment process. Companies of all sizes
are looking for ways to become more efficient, reducing the time
and people required for reconciliation and manual processes. The
Business Payment Service is a game changer in the B2B payment
space, and Paymentez will be leading this initiative in Latin
America.” – Juan F Franco, CEO & Founder, Paymentez
“It is fantastic to see Mastercard simplifying the complex and
fragmented B2B payments space. By connecting our next generation
payments API to the Mastercard Track Business Payment Service,
Adflex’s own ecosystem of Buyers and Suppliers can now transact
seamlessly and confidently with partners all around the world.”
– Pat Bermingham, CEO, Adflex
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version on businesswire.com: https://www.businesswire.com/news/home/20200512005463/en/
Katie Priebe, Global Communications Katie.Priebe@mastercard.com
+ 1 (914) 707-9822
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