Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, procure-to-pay (P2P), and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable (AP), B2B payments, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
MasterCard Introduces New Global Trade Platform MasterCard Track
Card giant MasterCard this week introduced a new global trade platform in collaboration with Microsoft, called MasterCard Track. The goal of the new platform is to address the challenges of manual B2B transactions by streamlining and automating the P2P process. 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 is initially partnering with nine different B2B networks and P2P solution providers. 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.
Visa Partners with Nexus to Expand B2B Payments
This week, Nexus, a ePayables and payments automation provider for real estate companies, has announced a new strategic alliance with Visa to help streamline AP functions for its customers by enabling them to pay suppliers faster and more securely with Visa virtual cards. Through this collaboration, Nexus, which is headquartered in Falls Church, Virginia, will be able to deliver virtual card payments for its clients to make paying suppliers a fully automated process. The NexusPayables Solution can integrate with a financial institution’s Visa commercial credit account payment capabilities. This can facilitate payments from Nexus customers to merchants who accept Visa. Nexus customers can then submit a consolidated payment file that will match real-time with the supplier’s payment elections from the Nexus platform.
Basware Announces Guided Purchasing for e-Procurement
Basware, the global financial supply chain provider, has recently introduced guided purchasing functionality within its electronic procurement solution. The new functionality will help to increase user adoption by easing the procurement process for users, and drive more savings by enforcing compliance with preferred vendors, contracts, and pricing policies. With increased compliant spend, Basware customers will be able to reallocate valuable resources away from routine purchases and focus more on high-value, strategic spend.
Paysafe Launches Accelerated Funding Options for SMBs
Also this week, Paysafe, a global payments provider with headquarters in England and with offices in the Europe, Asia, US, and Canada, has announced the launch of Paysafe Accelerated Funding, a suite of next day settlement options for SMBs based in the US. The new funding settlement product offering will leverage Paysafe’s collaboration with Company.com and Ingo Money, to help digitize merchant settlement for instant money transactions. The suite comprises three separate funding options including Express Funding, Same-Day Funding, and Next-Day Funding. All options focus on getting merchants their funds faster. Through Paysafe Accelerated Funding, SMBs accepting payments in person will no longer have to worry about having the resources to pay for expenses.
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