Mastercard partners with BMO and Moneris in Canada
In the North American region, Canada is now a hotbed of new partnerships in terms of commercial payments. Last year, Moneris teamed up with Visa to streamline B2B payments in Canada.
This week Mastercard has announced that it has formed a partnership with Bank of Montreal (BMO) and Moneris Solutions Corporation, both of which would join Mastercard Track Business Payment Service.
As a business-to-business (B2B) payments service, Mastercard Track is a shift away from the card giant’s traditional cash cow of consumer card interchange fees. It will be available to Canadian businesses in early 2022
The company says that Mastercard Track automates and enhances execution and management of B2B payments and the exchange of payment related data between buyer and supplier. It also offers supply chain finance and control over the payments which would let clients overcome inefficiencies in the current ecosystem.
Last year, Moneris and BMO teamed up to optimize B2B payments while Mastercard launched its Virtual Card Receivables Service.
“Current business payment processes often require manual reconciliation work that can be very labor intensive,” said Sasha Krstic, President, Mastercard in Canada.
Using the Mastercard Track, BMO and Moneris can ‘modernize business payments for their customers by reducing complexity and risk, cutting costs and automating processes’. It also allows buyers to improve working capital and for suppliers, it offers control over payments and cash flow management.
“In addition to reducing supplier enablement friction and facilitating quicker speed-to-spend, this solution provides BMO Corporate Card clients with the opportunity to influence their supplier payment strategy”, said Derek Vernon, Head, Payments Modernization, North American Commercial Deposits and Corporate Card, BMO Financial Group.
Moneris is a solutions provider for mobile, online and in-store payments and also offers hardware, software and solutions to businesses to operate in payments.
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