According to Yahoo Finance, the program offers control over payments and data exchanges that support automated reconciliation for suppliers and application of all payment options approved by suppliers.
Furthermore, Track Business Payment Service assists suppliers to manage how they get paid for different invoices for different buyers. Buyers can optimise and automate efficiencies in paying suppliers with improved reconciliation to manage cash flow and capture early payment discounts.
The first commercial version of Track Business Payment Service has launched in the US, with distribution partners across the B2B ecosystem, including Global Payments, AvidXchange, Boost Payment Solutions, Corporate Spending Innovations (CSI), Fiserv, HighRadius, Tesorio, Veem, Velo Payments, VersaPay, and YayPay.
Track Business Payment Service is live in the US using card payment rails. ACH payments will be added later in 2020 and cross-border payments in 2021. Plus, Mastercard is working with its US commercialisation partners, including CSI, Veem, Velo Payments, and VersaPay, to execute a series of market tests on ACH payments in the US throughout 2020.
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