(12 September 2018 – Global) Mastercard has launched a global trade platform designed to streamline and automate the procure-to-pay process for companies around the world.
Mastercard Track aims to better connect buyers and suppliers with networks, banks and solution providers.
Mastercard has initially partnered with nine B2B networks and procure-to-pay providers – Basware, BirchStreet, Coupa, the Infor GT Nexus Commerce Network, Ivalua, Jaggaer, Liaison Technologies, Tradeshift and Tungsten Network.
As of early 2019, customers of these nine organisations will be able to maintain, retrieve and exchange key information relating to themselves and their trading partners through the Track trade Directory, a secure, permissioned repository of over 150 million company registrations worldwide.
The platform, as it expands, will give suppliers better visibility into cash flow across multiple networks. Mastercard Track will help connect all types of payments within the platform while also connecting purchase order and invoice information.
Through its partners the platform will also look to 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.