- Mastercard Track™ Business Payment Service and new partnership
with Demica enables easier access to flexible working capital for
buyers and suppliers
- New offering supports Mastercard’s expansion of its Track BPS
network around the world with new partnerships solidified in North
America, Middle East & Africa, Europe, Asia Pacific, and Latin
America
Mastercard today announced a new supply chain finance capability
within Track Business Payment Service (Track BPS) – designed to
increase access to working capital while lowering costs, reducing
complexity and risk, and accelerating automation when businesses
pay and get paid.
Launched in partnership with Demica, a leading global provider
of supply chain finance technology, this new offering empowers
Mastercard partners to provide their business customers with access
to affordable working capital. Mastercard Track, an open-loop
network, can now connect providers of B2B payments and their
respective buyer and supplier customers to working capital.
A lack of scalable solutions in the market has put supply chain
financing out of reach for many businesses. As a result, only the
largest suppliers can access working capital solutions, while
trillions of dollars are tied up in accounts receivable each
year.
Mastercard’s solution unlocks a network for working capital -
covering small businesses and global corporations alike, driving
speed to market, and offering ease of integration for payment
partners. Demica brings a global, flexible, multi-product financing
platform and expansive network of banks and other funders at scale.
Payment partners and their customers can benefit from Demica’s
capabilities ranging from advisory services, supplier onboarding,
and a white-labelled deployment process.
“We are delighted to be working with Mastercard to transform the
B2B payments landscape. This partnership will unite Demica’s
scalable platform technology with Mastercard’s powerful
infrastructure to make a real difference for businesses globally,”
said Matt Wreford, CEO, Demica. “Our platform automates
financing of payables and receivables and our global network of
banks and non-bank investors opens up access to new sources of
capital – we’re excited to bring these benefits to more companies
through our global partnership with Mastercard.”
By launching this first of its kind, embedded working capital
capability in Mastercard’s Track Business Payment Service
multi-rail platform, Mastercard is doubling down on its commitment
to empower every business to get the working capital they need to
thrive. This solution enables payment partners to extend the reach
of buyer programs to more of their supply chain partners,
strengthening supplier relationships. Suppliers gain improved
access to competitively priced early payments and enjoy enhanced
user experiences, such as one-time enrollment, standard agreements,
and easy implementation leveraging their partner connections.
Craig Vosburg, Chief Product Officer, Mastercard says,
“Helping businesses optimize their working capital has been one of
the key goals of Mastercard Track Business Payment Service.
Disparate systems and processes in the current B2B ecosystem
continue to make cash flow management complicated, increase
operating costs, and hinder business growth. Our new offering and
partnership with Demica help solve these pain points by allowing
buyers and suppliers to unlock their working capital and deploy it
to grow their businesses – enabling choice and scale and
accelerating financial inclusion.”
Mastercard is integrating its Track Business Payment Service
network and its blockchain-based Mastercard Provenance Solution in
supply chains across industries. Buyers and suppliers will see
improved visibility, traceability, and procure-to-pay cycle times.
As a result, payment partners can use this data to reduce risk,
decrease reconciliation costs, and help further advance early
payments in the accounts payable and receivable processes. The
offering will provide access and support to a new suite of APIs to
power each step of the commercial payments journey. Learn more at
Mastercard Developers.
This new supply chain finance offering is available on
Account-to-Account (A2A) rails in the United States with plans for
global expansion throughout 2022 as Mastercard continues to onboard
partners in this space through its focused approach to global
trade.
New Track BPS Partners Offer Choice for Customers Around the
World
Mastercard continues its strong growth with network partners
supporting Track Business Payment Service which is now live in
regions around the world for A2A and global card payments. Today,
businesses of all sizes can use this service to optimize payments
and streamline reconciliation through payment partners in financial
services, fintech, and business automation services industries.
New partnerships in North America include HSBC,
FreshBooks, FISPAN and SnapAP who will offer the Track
Business Payment Service capability to their commercial customers.
In addition, global scale continues around the world with new
partners in the Middle East & Africa, Latin America, Europe and
Asia Pacific including: Abu Dhabi Commercial Bank, Abu Dhabi
Islamic Bank, Cirralto, Emirates Islamic Bank P.J.S.C, First Abu
Dhabi Bank, FlowPay, H&CO, Mashreq Bank, RAKBANK, RFM
Loyalty, Standard Bank, and Telr.
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.
About Demica:
We are a market-leading fintech, powering the trade finance
programmes of the world’s largest trade banks and corporations.
Demica’s proposition is simple: our intuitive, cloud-based platform
enables financial institutions and corporates to automate and scale
their working capital solutions. Today, we have over US$18bn of
programs running through our platform, across the full spectrum of
working capital products. Funded by a diverse range of banks and
institutional investors, these programs enable companies to
strengthen their supply chains and redeploy capital to drive
growth. To learn more, visit Demica.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211021005243/en/
Katie Priebe, Global Communications, Mastercard +1 (914)
707-9822 | Katie.Priebe@mastercard.com
Daniel O’Hara, Marketing Director, Demica +02039585903 |
Daniel.Ohara@demica.com
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