Mastercard rolled out a digitized B2B trade platform to make it easier for buyers and suppliers to connect with networks, banks, and solution providers.
Powered by Microsoft Azure, Mastercard Track initially brings together nine business-to-business networks and procure-to-pay solution providers- Basware, BirchStreet, Coupa, the Infor GT Nexus Commerce Network, Ivalua, Jaggaer, Liaison Technologies, Tradeshift and Tungsten Network-enabling businesses to manage business identity, compliance and payments in a more efficient way.
“While there have been great improvements and innovations in the way consumers pay, the global B2B space remains highly inefficient and paper-based”, said Michael Froman, vice chairman and president of strategic growth at Mastercard. “This adds hundreds of billions of dollars of costs and burdensome delays to global trade. Mastercard Track is a tool that will help reduce frictions in the global trading system and promote increased exports – especially by small and medium-sized businesses.”