BackMastercard launches global trade platform
Mastercard ties up with Microsoft, looks to connect all types of payments account-based, card-based or bank transfer within one platform
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New Delhi: Payments and technology company Mastercard on Thursday launched a global trade platform, Mastercard Track, to enable businesses to make seamless payments to each other.
The platform has been developed in collaboration with another technology major, Microsoft, and aims to 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 challenges facing businesses today. Through its network of partners, Track will also enable banks, insurance companies and technology providers to extend value-added services to business customers, such as enhanced data analytics and trade finance," the payments company said in a statement.
Mastercard Track has also been integrated with the National Trade Platform in Singapore to provide a digital trade ecosystem which brings together key logistics functions, such as movement of goods, as well as regulatory and financial elements for players across the trade value chain.
“While there have been great improvements and innovations in the way consumers pay, the $120 trillion business-to-business (B2B) space remains highly inefficient and paper-based," said Michael Froman, vice-chairman and president of strategic growth at Mastercard. “This adds hundreds of billions of dollars of costs and burdensome delays to global trade. Mastercard Track is a tool that will help reduce friction in the global trading system and promote increased exports – especially by small and medium-sized businesses," he added.
“The platform will make buying and selling more transparent and efficient for global businesses at scale, enabling financial accounting, procurement and supply chain professionals to drive value from the back-office to the front of the enterprise," said Peggy Johnson, executive vice-president, Microsoft.
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