MasterCard partnership to help banks grow payment portfolios
(18 May 2016 – Asia) MasterCard has partnered with payment processing services provider Priority B2B, in a bid to enable issuing banks in the Asia Pacific to grow their commercial payment portfolios.
The deal is expected to give MasterCard’s issuing bank partners access to capabilities that will allow them to deepen customer engagement and help resolve common pain points experienced by customers who adopt commercial payment solutions.
The service was first made available earlier this year in Australia and Singapore, and will expand across the Asia Pacific region in the coming months.
“In today’s business climate, multi-market operations are the norm for any business, no matter what size. As such, many businesses are innately aware that there are multiple benefits to commercial product solutions, whether in extending working capital life cycles or providing overall procurement efficiencies," said Philip Glickman, Head of Commercial Product Solutions, Asia/Pacific, MasterCard
"However, while businesses may realize those benefits for themselves, they often face resistance and difficulties in convincing their suppliers of the same. This results in lost opportunities and sunk investments in their commercial card solutions."
Glickman added that many suppliers continue to use traditional payment methods such as cash, which could lead to significant business costs over time.
"As businesses look to establish or expand their digital payments systems, our partnership with Priority B2B will help provide the expertise and execution of supplier engagement campaigns and help suppliers get on board with commercial product solutions and realize the benefits of digitizing payments.”
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