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Companies are extending their footprint globally by tying up with other players in the payments industry so as to have an edge both in terms of technology advancement and reducing their capital employment cost.
This week, Norway based commercial payments company, EedenBull has announced participation in Mastercard Track Business Payment Service to improve its Commercial Payments as-a-service (CPaaS) solution.
Mastercard Track Business Payment Service automates the payments-related data exchange between buyers and suppliers. The press release noted that since the portfolio consists of a B2B solution, it would help businesses to increase simplicity, flexibility, and efficiency which will optimise the payment across multiple payment rails.
Eedenbull had earlier partnered with Mastercard in Europe and then expanded its partnership in the Asia-pacific region.
“The global pandemic is accelerating a move towards automated B2B payments and shifting business’ digital expectations in the process,” said Nicki Bisgaard, CEO and Co-Founder of EedenBull.
The company will use the Mastercard Track Payment Service as a Buyer Payment Agent (BPA) by integrating with Mastercard API and the company will offer this service to its partner banks.
On the other hand, Barclaycard Payments also announced that it has joined the Mastercard Track Payment Service which will be available to its customers later this year. As per the press note, this agreement builds upon the existing multi-year agreement, which stated that they can continue to deliver commercial payment services to businesses around the world.
Late last year, Barclaycard launched its new virtual card platform which would allow businesses to issue virtual cards for their employees’ online business expenses
Barclaycard Payments has joined the program as both a Buyers and a Suppliers Payment Agent. This would enable ‘corporate customers to solve both payables and receivables challenges’ which meant that businesses can tackle manual reconciliation and lengthy delays in allocating cash.
Back in May 2020, Mastercard launched the Mastercard Track Business Payment Service that aimed to expand and modernize B2B payments. This service offered greater control over payments and data exchanges which enabled automated reconciliation and application of all payment options for suppliers. Later that year, the company announced upgrades to its service by adding Account-to-Account and Global Card Payments Functionality.