Mastercard Track Business Payment Service launches in the US

Mastercard has announced the commercial launch of Mastercard TrackTM Business Payment Service that aims to modernise and transform business-to-business (B2B) payments.

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.

Beyond the US, the card scheme is pursuing global expansion. Mastercard piloted Track Business Payment Service for card with Paymentez in Latin America in 2019, and it is readying a full commercial launch there. Further pilots will be executed in Europe, Middle East, and Africa and Asia-Pacific during 2020, with commercial launches to follow. For example, in Europe, Mastercard is piloting card payments with Adflex and domestic and cross-border ACH payments with Veem.