Mastercard Track is the financial firm’s latest B2B-designed platform, which the company has developed in collaboration with Microsoft.
According to Mastercard, the new platform aims to plug the gaps that currently exist within the world of B2B, and more specifically offer a streamlined and automated payment procedure.
“While there have been great improvements and innovations in the way consumers pay, the global B2B space remains highly inefficient and paper-based”, says Michael Froman, vice chairman and president of strategic growth at Mastercard.
“This adds hundreds of billions of dollars of costs and burdensome delays to global trade. Mastercard Track is a tool that will help reduce frictions in the global trading system and promote increased exports – especially by small and medium-sized businesses,” he adds.
In fact Mastercard estimates that the large and costly gaps in the B2B space account for nearly $500 billion annually, with that figure set to rise in the coming years.
Along with making the payment process simpler and more transparent, Mastercard is touting the speed of its new platform, thanks to its partnership with Microsoft.
“Together with Mastercard, we’re helping companies around the world accelerate the pace of their own transformation by creating a more efficient buying and selling process at scale,” notes Peggy Johnson, executive vice president at Microsoft.
Adding that, “By building Mastercard Track on Azure, Mastercard will be able to take advantage of our stringent security and compliance standards, our global footprint and our intelligent cloud solutions to help organizations of all sizes drive value from the back-office to the front of the enterprise.”
The other significant aspect to Mastercard Track is its ability to handle issues around identity, security and compliance, explains the company, with a network of partners being tapped in order to facilitate the process on a global level.
To that end Mastercard is partnering with nine B2B networks and procure-to-pay solution providers, including Basware, BirchStreet, Coupa, the Infor GT Nexus Commerce Network, Ivalua, Jaggaer, Liaison Technologies, Tradeshift and Tungsten Network.
In early 2019, the Mastercard Track platform will be made available to the customers of the respective B2B networks.
“Through its partners, Track will enable B2B networks, banks, insurance companies and technology providers to extend value-added services to business customers, such as enhanced data analytics and trade finance,” Mastercard concluded in a press release about the announcement.
To digest the new Mastercard Track platform a bit more easily, take a gander at the infographic below.