Priority integrates Mastercard Track Business Payment Service for business payments data
Under pressure over card interchange fees, card giant Mastercard is pursuing payment rail-agnostic initiatives, while non-bank payment companies are expanding their payments footprint for their clients and reducing the cash dependence for clients.
In such, US based non-bank payments company, Priority Technology Holdings has announced that it is joining Mastercard Track Business Payment Service to enhance its B2B payment solutions. The company noted that with this integration, this would benefit from a ‘enhanced payment experience’ allowing virtual cards to function similar to a direct deposit.
Mastercard Track Business Payment Service allows for automation of payments related data exchange between buyers and suppliers and it is an open-loop B2B commercial network. This solution by Mastercard allows businesses to have a simplified, flexible and efficient option of ‘paying or getting paid for every invoice across multiple payment rails’.
In other news, Mastercard has been also announcing its digital partners for Mastercard Send Partner Program.
“Mastercard Track delivers immense value to both buyers and suppliers by simplifying and automating the exchange of payments-related data while cutting costs and reducing complexity and risk for businesses.” noted Stephen Tackett, Executive Vice President and Head of the B2B division for Priority.
Last year, Mastercard upgraded its Mastercard Track Business Payment Service and subsequently, Eedenbull and Barclaycard Payments signed up for Mastercard Track Business Payment Service separately.
Priority payments is a platform which stores, collects and sends money on scales using a single platform. It operates a payment platform for clients which works on a single platform to embed payments and banking services into clients’ business platforms.