Mastercard has recently announced its plans to enhance B2B payment automation for customers and businesses worldwide through new acceptance developments.
Modernizing Supplier Reconciliation and Virtual Card Payments
To achieve this goal, Mastercard is introducing several innovative tools. One notable initiative involves the global rollout of Mastercard Receivables Manager, an automated solution designed to make virtual cards more efficient, secure, and cost-effective for businesses.
Introducing Commercial Direct Payments
Another key development is the launch of Commercial Direct Payments, a streamlined straight-through processing solution. This tool fully automates virtual card payments and reconciliation, offering payment service providers greater flexibility in their B2B payment offerings.
Together, these expanded services are expected to provide a swift and efficient experience for both buyers and suppliers during the digital transformation of commercial payments. As the integration of digital solutions becomes more crucial, Mastercard’s initiatives aim to simplify receivable automation and boost B2B payment usage globally.
Further Insights from Mastercard’s Official Press Release
According to an official press release by Mastercard, 93% of B2B suppliers indicate that digitalizing payment processes is a top priority. Despite this, two-thirds still struggle with meeting buyer payment expectations. The new initiatives seek to address these challenges by providing simple, secure, and efficient ways for both parties to transact.
Enhancements and Global Availability of Mastercard Receivables Manager
Launched two years ago, Mastercard Receivables Manager has been continuously improved with features like multi-language support and secure card-on-file. Now available globally, it allows acquiring partners to modernize supplier virtual card acceptance experiences across major card networks, thereby enhancing buyer-supplier relationships.
Benefits of Commercial Direct Payments
Commercial Direct Payments is a new, card network-agnostic solution that powers automated accounts receivable for suppliers. It aims to improve digital payment opportunities for buyers who prefer paying via cards.
When the buyer initiates a card payment, Commercial Direct Payments processes it directly with the supplier’s acquirer, eliminating manual steps in making and receiving payments. Funds are automatically deposited into the supplier’s account, and detailed remittance data can be securely integrated into their AR workflow.
Additional Benefits for Ecosystem Players
The product brings several benefits to various players in the ecosystem. It drives supplier efficiency through automated reconciliation by enabling easy access to rich remittance data that can be integrated into ERP systems, freeing up resources for more strategic tasks.
It also unlocks large-scale automated B2B payment processing at a reduced cost and time investment for issuers and acquirers. Commercial Direct Payments streamlines the connection process by providing a single point of access to Mastercard, enabling seamless flow of standardized payment and remittance data.
Furthermore, it strengthens buyer-supplier relationships by offering flexibility in payment methods (physical or virtual cards) while ensuring secure, efficient, and timely payments for suppliers.
