Mastercard has unveiled a new digital trade platform it claims will help small UK businesses find buyers and suppliers across the globe.
Developed in collaboration with Microsoft, the payment corporation’s Mastercard Track platform will chiefly help entrepreneurs identify potential international customers and suppliers, and make electronic payments. Some 150m companies will be stored on the Track database.
From early 2019, customers from nine B2B networks and procure-to-pay solution providers will be able to maintain, retrieve and exchange key information relating to themselves and trading partners through the Track Trade Directory.
The central directory will integrate feeds from more than 4,500 compliance lists into one place, according to Mastercard, “making the screening and onboarding of suppliers more efficient”.
“From reducing the steps it takes to identify a business partner, to making the payments process simpler and more transparent, Mastercard Track has the potential to unlock economic growth and to level the playing field for SMEs.”
“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.”
The Track platform will help connect account-based, card-based or bank transfer payments within the platform, and connect purchase order and invoice information. Mastercard claimed this will “streamline and simplify” the burden of back-office reconciliation.
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