Mastercard Advances B2B payment solution with BMO and Moneris partnerships
Mastercard Track ™ Business Payment Service, a unique open-loop network in Canada, improves the payment experience for businesses
TORONTO, January 13, 2022 / CNW / – Today, Mastercard announced new partnerships with BMO and Moneris Solutions Corporation (“Moneris”), which have joined Mastercard Track ™ professional payment service. This unique Mastercard solution, available to Canadian business customers in early 2022, is designed to help buying and supplier partners address the systemic challenges of business-to-business (B2B) payments – one of the first open-loop business solutions to do so. worldwide. and a first of its kind in Canada.
Mastercard Track automates and improves the execution and management of B2B payments and the exchange of payment-related data between buyers and suppliers. It offers supply chain finance solutions and provides better control over payments to overcome inefficiencies in the current ecosystem. According to a Mastercard study of small businesses, four in 10 Canadian businesses (40%) say they face cash flow problems due to late payments and delays in processing cash and checks.1. While late payments have always been a challenge for businesses, the pandemic has amplified this pain point.
“Today’s commercial payment processes often require manual reconciliation work which can be very laborious,” said Sasha krstic, President, Mastercard en Canada. “The availability of Mastercard Track through our new partnerships with BMO and Moneris will help Canadian businesses break free from an inefficient process by simplifying and automating the exchange of payments to make B2B payments more efficient, faster and smarter. .
With Mastercard Track, BMO and Moneris can modernize business payments for their customers by reducing complexity and risk, reducing costs and automating processes. The service enables buyers to improve working capital, use resources more efficiently and strengthen relationships with its suppliers. It offers vendors a way to improve payment control, optimize cash flow management, and be more operationally efficient.
“Mastercard Track builds on BMO’s commitment to meet customers where they are while building a digitally-driven bank,” said Derek vernon, Manager, Payments Modernization, Commercial Deposits and Corporate Card in North America, BMO Financial Group. “This new service improves the digital experience by offering a universal solution to simplify and automate B2B payments. In addition to reducing provider activation friction and accelerating spend, this solution gives BMO Business Card customers the ability to influence their provider payment strategy.
“Simplifying B2B payments for Canadian businesses has been a priority for Moneris for a number of years. These types of payment solutions help businesses improve the efficiency of supplier payments and better manage their cash flow and the overall health of their business, ”said Angela Brun, President and CEO, Moneris. “Ensuring that we continually improve 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. “
Innovate in the way businesses send and receive payments to drive value
Mastercard Track is one of the many innovative and avant-garde solutions developed by Mastercard through its internal innovation laboratory, Mastercard Foundry.
It underlines the company’s commitment to solving the problems of the business environment and its vision to modernize the 135 trillion dollars global B2B payments market. The B2B network integrates with Mastercard’s multi-rail innovation assets, ranging from account-to-account and card payment solutions to data analytics and payment gateway services.
For more information on the Mastercard Track Business payment service, please click on here.
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 business. With connections in more than 210 countries and territories, we are building a sustainable world that opens up invaluable possibilities for all.
About BMO Financial Group
Serving clients for 200+ years, BMO is a highly diversified financial services provider – the 8th largest bank in North America by assets. With total assets of C $ 988 billion as at October 31, 2021 and a team of diverse and highly engaged employees, BMO offers a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and operates through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
Moneris is from Canada largest provider of innovative and unified solutions for mobile, online and in-store payments, processing more than one in three transactions. Serving businesses of all sizes and industries, 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.
For further information: Mastercard media contact, Emilija Businskas, Vice-President, Communications, Mastercard, [email protected], 437-244-6282; BMO Media Contact, Jeff Roman, Canadian Media and Corporate Relations, BMO, [email protected], 416-867-3996; Moneris Media Contact, Darren Leroux, Senior Director, External Communications and Translations, Moneris, [email protected], 416-734-1442