Following this deal, Mastercard’s Track Business Payment Service will have the possibility to facilitate the exchange of data connected to payments that are made within Transcard’s SMART Suite, its group of embedded payment solutions.
The integration will improve the way businesses and companies streamline the exchange of B2B payments, information, and data to unlock working capital.
The Track Payment Service represents a global open-loop commercial network that was designed to simplify and automate the exchange of payment information between suppliers and buyers. The network facilitates the collection and exchange of data across multiple payment methods and rails that are available currently in the SMART Suite.
Customers and companies that are on the network will have the capability to set preferences on how they would prefer to make or take payments. Furthermore, suppliers on the network will be able to receive enhanced remittance details while reducing manual processing in a safe and effective way.
Moreover, Transcard will combine its embedded payment solutions with Mastercard’s data exchange network to streamline payables and receivables processes for companies and firms. By incorporating the SMART Suite in their ERP application or account software, clients are allowed to use a single integrated platform in order to manage their payable and receivable payments.
This takes place in addition to the possibility to initiate requests for payment as invoices are ready to bill, automatically disburse payment on approved invoices, track payments, and transactions, as well as reconcile payments with their ERP application or accounting software without the need for intervention from an operator.
Transcard’s onboarding product focuses on improving the way businesses manage to identify and connect electronically with trading partners that participate in the Mastercard Track service. Fintechs that wish to integrate into the B2B payments solution provided by Mastercard will get access through Transcard’s suite APIs.
Another priority of the companies is set on offering support to shoppers and suppliers in the process of eliminating the friction that might appear in the payment lifecycle.
Mastercard Track Business Payment Service is currently available to the users of Transcard’s SMART Suite.
The payment-processing corporation had multiple partnerships in the last couple of months, covering multiple geographies.
At the end of March 2023, US-based management software provider Fyle launched a real-time credit card feed integration for business cards that were issued on the Mastercard network.
With this capability, customers of Mastercard were able to access real-time transaction feeds from users’ cards that were enrolling and providing consent, in order to help them improve operational efficiencies and get a sharper lens on their financial balance.
In the same month, outsourced digital integrated business services company Teleperformance collaborated with Mastercard, aiming to strengthen the payments ecosystem for businesses located in Latin America.
Teleperformance was set to provide business and payment services to emerging companies within the banking, financial services, payments, and technology industry in the region.
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