Mastercard upgrades its Mastercard Track Business Payment Service
Just having dominance in card processing is no longer enough for the likes of Visa and Mastercard. As discounts and incentives for card issuers eat into their profits, the global card giants are diversifying away from cards to other available payment rails.
As such, Mastercard has added Account-to-Account and Global Card Payments Functionality to its Mastercard Track Business Payment Service. According to the company, this is addition would let businesses have the same experience as card payments which would involve “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”.
This year in May, the company launched Mastercard Track Business Payment Service which aimed to expand and modernize B2B payments. According to Mastercard, this service offers greater control over payments and data exchanges which enables automated reconciliation and application of all payment options for suppliers.
“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.
A2A functionality is available for US businesses and will be extended to other regions by the end of 2021.
In separate news, the US-based non-bank payments company, Transcard has launched its account-to-account (A2A) solution which according to the company would increase the efficiency of buyers and suppliers to boost the payments and will be able to exchange data and money with reduced risk.
The company in its press release mentioned that this solution would make businesses receive e-invoice 24/7/365 via their preferred mobile banking or online channel with an option to approve it or schedule payment via RTP network.
This A2A feature is available to the US businesses, the press release noted.