Mastercard™ Track to Modernize $125 Trillion Global B2B Payments Market
- Payments leader unveils vision and products to transform global business-to-business payments market.
MastercardTrack TM Business Payment Service is the first global open-loop commercial service built to simplify and automate payments between the world's suppliers and buyers.
“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
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,
Mastercardis 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
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
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.” –
“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
“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.
“B2B payments is a rapidly growing segment in today’s payments landscape and we’re excited to partner with
“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,
“YayPay couldn’t be more excited to join forces with