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 cheques. 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 labor-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 their 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 the 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 addressing 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.