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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.
Source: Mastercard Small Business Study, July 2020
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.
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.
View original content: http://www.newswire.ca/en/releases/archive/January2022/13/c1008.html