Card giant MasterCard has introduced a new global trade platform for the procure-to-pay (“P2P”) process in collaboration with Microsoft, called MasterCard Track. The goal of the new platform is to address the challenges of manual B2B transactions and the inefficiencies in cross-border trade and payments. MasterCard Track is built on Microsoft Azure, and will be able to take advantage of Microsofts’s security and compliance standards, its global footprint, and its intelligent cloud solutions to help small- and medium-sized enterprises drive more value. The new platform draws on and complements the whole range of MasterCard and its B2B assets, from account-to-account and card payment solutions, to fraud management, data analytics and payment gateway services.
MasterCard Track includes a global payments network to address manual payments. And by having an API-based technology, different platforms are able to offer it out to a larger scale. So far, MasterCard is partnering with nine different B2B networks and P2P solution providers for the initial distribution. These include Basware, BirchStreet, Coupa, the Infor and GT Nexus Commerce Network, Ivalua, JAGGAER, Liaison Technologies, Tradeshift, and Tungsten Network. This represents a wide range of global businesses, to roll out Track’s identity, compliance and payment management capabilities to buyers and suppliers. As the platform grows, suppliers will have better visibility into cash flow, and Track will help connect all types of payments along with purchase order and invoice information. 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 Track will also help businesses verify supplier authenticity, and ensure those suppliers are in compliance with local and international regulations. MasterCard and Microsoft are looking to solve this problem by providing a cloud- and analytics-based solution and global network that automates the entire P2P process. This includes identity services, a detailed payment ledger, and risk management capabilities. In early 2019, MasterCard Track will go live with a Track Directory that will allow buyers to look up potential suppliers to get an understanding of the supplier from a regulatory standpoint.
The world of B2B payments and service capabilities, which has lagged behind for many years, is quickly beginning to evolve. For MasterCard Track to be successful it will need buyers and suppliers to join.
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