MasterCard Launches Global B2B Service

MasterCard Launches Global B2B Service

MasterCard Launches Global B2B Service

  • On November 13, 2019

More than a year after announcing the launch of MasterCard Track, a B2B digital platform for improving global trade among small businesses, MasterCard has unveiled new plans to modernize business-to-business transactions even further. The new MasterCard Track Business Payment Service expands the focus of the digital platform for faster payments and data collection.

What Is MasterCard Track?

E-commerce Data ProtectionIn 2018, MasterCard launched Track, a business-to-business platform to simplify and speed up global trade. The platform, powered by Microsoft Azure, connected buyers and suppliers with each other, lenders, and other networks.

Business-to-business transactions largely remain outdated despite rapid advancements in the rest of the business world. Manual invoicing and paper checks remain common with administrative costs nearing $500 billion. According to MasterCard, nearly 50% of all business-to-business transactions, or nearly $58 trillion, are still done on paper.

MasterCard Track partnered with nine procure-to-pay providers and business-to-business networks to help organizations maintain, exchange, and retrieve data about themselves and partners. Track helps facilitate communication by connecting networks in a single platform.

What Is the Track Business Payment Service?

The Track Business Payment Service represents a new branch of the MasterCard Track platform that focuses on payments rather than networking and communication. The MasterCard Track Business Payment Service is the first commercial and global open-loop service built to automate business-to-business payments. The service modernizes payment processing by helping buyers and suppliers overcome outdated systems and improve the way businesses pay and get paid.

The Track Business Payment Service works as a single connection to combine multiple modern payment solutions with a focus on faster payments and real-time data collection.

All Payment Types in One Service

The Track Business Payment Service represents a new branch of the MasterCard Track platform that focuses on payments rather than networking and communication. The MasterCard Track Business Payment Service is the first commercial and global open-loop service built to automate business-to-business payments. The service modernizes payment processing by helping buyers and suppliers overcome outdated systems and improve the way businesses pay and get paid.

The Track Business Payment Service works as a single connection to combine multiple modern payment solutions with a focus on faster payments and real-time data collection.

Availability Begins in 2020

The MasterCard Track Business Payment Service is set to roll out across the world, beginning in the U.S. market in the first half of 2020. The service will be available to merchants and supplier partners who can incorporate it within existing products. Currently, the service is being piloted by partners including B2B payments optimizer Boost, payment solutions providers TSYS and CSI, Accounts Payable automation provider AvidXchange, and Accounts Receivable software providers HighRadius, YayPay, and VersaPay.