Cross-border payments are also on the roadmap for next year.
Mastercard continues to deliver on its multi-rail strategy with the addition of Account-to-Account (A2A) payments functionality to Mastercard Track™ Business Payment Service.
Building on the success of card payments within Mastercard Track Business Payment Service, „businesses can now have a similar experience for A2A payments – exchanging data with greater efficiency and facilitating payments across multiple payment rails including Real Time Payments (RTP) and the Automated Clearing House (ACH) in the United States,” according to the press release.
„The Account-to-Account payments functionality in Track Business Payment Service is now available in the U.S. and will be available in all regions by the end of 2021. Cross-border payments are also on the roadmap for next year, Mastercard said.
Track Business Payment Service gives businesses greater control of their payments and supports rich data exchanges and the ability to automate payments without the need to share sensitive bank account information.
About 80% of mid-size and large Suppliers view the sharing of bank account data as a business risk, according to Mastercard research.1
„The risk of bank account data being compromised is reduced because Suppliers no longer need to share their confidential bank account details with Buyers, nor do Buyers need to store those details,” Mastercard said.
“Today, the vast majority of B2B payments are made through bank account transfers. Extending Mastercard Track Business Payment Service to support these transfers is a step on our way to building out the best and most secure B2B payment network in the world,” said James Anderson, Executive Vice President of Global Commercial and B2B Solutions at Mastercard. “This milestone is another step in the journey away from paper-based frustration, incomplete data and manual reconciliation work and toward a fully digitized business payments process.”
In May 2020, Mastercard announced the commercial launch of Track Business Payment Service for U.S. card payments. Today, businesses of all sizes can use this service to pay and get paid with card through new distribution partners around the world including: bzPay, Gardenia Technologies, Girasol Payment Solutions, Network International, Pendo Technologies Corp., Plastiq, Today Payments, Inc., Transcard, Ukheshe, and Yak Pay.
Now, through Track Business Payment Service, commercial businesses have access to more control and greater simplicity in how they pay and get paid across multiple payment types.
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[1] Based on 404 survey responses, effective sample size of ~800, from an even split of small (>$50Mn), mid-size ($50Mn – $250Mn), and large ($250Mn+) companies. Source: Supplier survey; A.T. Kearney analysis (2019).
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
