Mastercard Track™ Business Payment Service, a
first-of-its-kind open loop network in Canada, improves the payment experience for
businesses
TORONTO, Jan. 13, 2022 /CNW/ - Today, Mastercard announced
new partnerships with BMO and Moneris Solutions Corporation
('Moneris'), who have joined Mastercard Track™ Business Payment
Service. This unique Mastercard solution, available to Canadian
business customers in early 2022, is designed to help buyer and
supplier partners tackle the systemic challenges of
business-to-business (B2B) payments – one of the first open-loop
commercial solutions to do so globally and a first of its kind in
Canada.
Mastercard Track automates and enhances the execution and
management of B2B payments and the exchange of payments-related
data between buyers and suppliers. It offers supply chain finance
solutions and provides greater control over payments to overcome
inefficiencies in the current ecosystem. According to a small
business study by Mastercard, four out of 10 (40%) Canadian
businesses report facing cash flow issues due to late payments and
slow processing times for cash and cheques1.
While delayed payments have always been a challenge for businesses,
the pandemic magnified this pain point.
"Current business payment processes often require manual
reconciliation work that can be very labour intensive," said
Sasha Krstic, President, Mastercard
in Canada. "The availability of
Mastercard Track through our new partnerships with BMO and Moneris
will help Canadian businesses gain freedom from an inefficient
process by simplifying and automating the exchange of payments to
make B2B payments work harder, faster and smarter."
With Mastercard Track, BMO and Moneris can modernize business
payments for their customers by reducing complexity and risk,
cutting costs and automating processes. The service enables buyers
to improve working capital, use resources more efficiently and
strengthen relationships with its suppliers. It offers suppliers a
way to enhance control of payments, optimize cash flow management
and be more operationally efficient.
"Mastercard Track builds on BMO's commitment to meeting
customers where they are as we build a digital-first bank," said
Derek Vernon, Head, Payments
Modernization, North American Commercial Deposits and Corporate
Card, BMO Financial Group. "This new service enhances the digital
experience by offering a universal solution to simplify and
automate B2B payments. 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.
"Simplifying B2B payments for Canadian businesses has been a key
focus for Moneris for a number of years. These types of payment
solutions help businesses improve efficiency of payments with
Suppliers and better manage their cash flow and overall business
health," said Angela Brown,
President and CEO, Moneris. "Ensuring we continually enhance the
options available to our customers through the addition of services
like Mastercard Track, allows us to maintain our leadership in the
Canadian B2B payments space."
Innovating how businesses send and receive payments to drive
value
Mastercard Track is one of many innovative,
tech-forward solutions that Mastercard developed through its
in-house innovation lab, Mastercard Foundry.
It underscores the company's commitment to address pain points in
the business environment and its vision to modernize the
$135 Trillion global B2B payments
market. The B2B network integrates with Mastercard multi-rail
innovation assets, ranging from account-to-account and card payment
solutions to data analytics and payment gateway services.
For more information about Mastercard Track Business Payment
Service, please click here.
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Source: Mastercard
Small Business Study, July 2020
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About Mastercard (NYSE: MA),
www.mastercard.com
Mastercard is a global technology company
in the payments industry. Our mission is to connect and power an
inclusive, digital economy that benefits everyone, everywhere by
making transactions safe, simple, smart and accessible. Using
secure data and networks, partnerships and passion, our innovations
and solutions help individuals, financial institutions, governments
and businesses realize their greatest potential. Our decency
quotient, or DQ, drives our culture and everything we do inside and
outside of our company. With connections across more than 210
countries and territories, we are building a sustainable world that
unlocks priceless possibilities for all.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in North America.
With total assets of C$988 billion as of October 31,
2021, and a team of diverse and highly engaged employees, BMO
provides a broad range of personal and commercial banking, wealth
management and investment banking products and services to more
than 12 million customers and conducts business through three
operating groups: Personal and Commercial Banking, BMO Wealth
Management and BMO Capital Markets.
About Moneris
Moneris is Canada's largest provider of innovative,
unified solutions for mobile, online and in-store payments,
processing more than one in three transactions. Serving businesses
of every size and industry, Moneris offers hardware, software and
solutions to help transform the way businesses grow and operate, in
payments and beyond. For more information please visit
www.moneris.com and follow @moneris.
SOURCE Mastercard