MasterCard has introduced MasterCard Track in collaboration with Microsoft, which is a unique global trade platform that will simplify and enhance how companies around the world do business with each other.
MasterCard Track will address these fundamental challenges by further streamlining and automating the procure-to-pay-process – enabling businesses to manage business identity, compliance, and payments in a more efficient way.
Unlocking growth for businesses of all sizes
MasterCard Track will help connect all types of payments – account-based, card-based or bank transfer – within the platform, while also connecting purchase order and invoice information. This will streamline and simplify back-office reconciliation, one of the largest burdens facing businesses today.
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
Vice chairman and president of strategic growth at MasterCard, Michael Froman said that while there have been great improvements and innovations in the way consumers pay, the global B2B space remains highly inefficient and paper-based. This adds hundreds of billions of dollars of costs and burdensome delays to global trade. MasterCard Track is a tool that will help reduce frictions in the global trading system and promote increased exports, especially by small and medium-sized businesses.
Executive vice president of Microsoft, Peggy Johnson said that together they are helping companies around the world accelerate the pace of their transformation by creating a more efficient buying and selling process at scale. By building MasterCard Track on Azure, MasterCard will be able to take advantage of their stringent security and compliance standards, their global footprint and intelligent cloud solutions will help organizations of all sizes drive value from the back-office to the front of the enterprise.
Beginning in early 2019, customers of these organizations will be able to maintain, retrieve and exchange key information relating to themselves and their trading partners through the Track Trade Directory, a secure, permission repository of over 150mn company registrations worldwide. This central directory will integrate feeds from more than 4,500 compliance lists into one place, making the screening and onboarding of suppliers more efficient.