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OpenText and Mastercard Partnership Aims Financial Transaction Inclusion

OpenText & Mastercard Partnership

First reached out to automotive industry to smoothen secured transactions globally

OpenText, The Information Company, and Mastercard, the technology company in the global payments industry, announced their partnership to help companies increase financial sustainability across global supply chains, starting in the automotive industry. The collaboration further aims to advance a connected and scalable digital ecosystem for companies irrespective of size, location or technical capability, in order to strengthen trust and security into trading partner relationships.

Claire Thompson, Executive Vice President of Enterprise Partnerships at Mastercard, proudly announces that, “We are excited OpenText is partnering with Mastercard to integrate our digital platforms together to allow companies to quickly identify and vet business relationships and make the end-to-end payments process even simpler.”

The partnership focuses to increase financial productivity through digital mediums:

  • The new digital solution from collaboration aims to increase the speed, compliance and security for business information, payments and financing in the automotive supply chain.
  • Designed to smoothen integrated payments and to enhance the management of vendor master data to enable suppliers do better manage risk for trade finance, accelerate cash flow for outstanding invoices and secure financial transactions with enhanced digital identity.
  • The integration provides the ability to access spot financing through the Mastercard Track B2B global trade enablement platform to customers of OpenText Business Network.
  • It helps to leverage the OpenText Supplier Portal, the OpenText Identity Portal and the OpenText IoT Platform, integrated with Mastercard’s financial partners.
  • The digitization solution means to provide a single user interface that links users to supplier portal functionality and to Mastercard Track along with a secure, permissioned repository of more than 210 million registered entities worldwide.

“Digitizing and simplifying supply chain related finance processes can ease global trading operations across industries and unlock opportunities for suppliers at every level to do business with enterprise buyers more efficiently,” Thompson added.

Transaction solutions ease automotive

While Buyers and sellers maintain and exchange key information of their businesses, Mastercard Track provides monitoring on sanctions, credit and other business standards. This brings ease in supplier selection, compliance, and risk management and enhancing the comprehensive up-to-date supplier profiles in the OpenText Supplier Portal. Now expanded supplier portal capabilities such as parts and services management and IoT contextual telemetry helping auto companies to avoid supply chain disruptions by identifying vendors with available parts to fill production gaps.