Mastercard plans to modernize B2B payment ecosystem

Mastercard Track to modernize $125 trillion global B2B payments market

Mastercard plans to modernize B2B payment ecosystem. Source: shutterstock.com

Mastercard unveiled its plans to modernize the business-to-business (B2B) payment ecosystem with Mastercard Track. The Track brand of products represents solutions that help to reduce complexity, cut costs and automate processes, the company says.

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. Mastercard Track helps supplier and buyer partners tackle the systemic challenges of business-to-business payments, reinventing how businesses send and receive funds so B2B payments can keep pace with innovation and liberate enterprises from the inefficiencies throughout the system
James Anderson, Executive Vice President, Commercial Products

Mastercard launched Track in 2018 as a trade platform to address identity, compliance and payment management needs. As a secure, permissioned repository of more than 210 million registered entities worldwide, the trade directory is a central component to the expanded suite of products and services. Mastercard says Track will now encompass all current and future B2B payment products – a collection of tools and services to simplify the way businesses pay and get paid.

SEE ALSO: B2B, B2C, C2C, C2B and other types of business

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