Mastercard Track

2018: Representation of MasterCard Track

On September 14, 2018 MasterCard Payment system together with Microsoft provided a global trade platform of MasterCard Track which will simplify and will improve business interaction of the companies around the world.

As noted in payment system though a part of processes of B2B are executed using digital technologies, about 500 billion US dollars on administrative expenses still annually are required and this digit constantly grows. In addition to these costs it is necessary to consider also costs from inefficiency of nearly a half of all business transactions in the world (58 trillion US dollars) which are still made out on paper.

Mastercard Track will solve these fundamental problems by means of streamlining and process automation in a chain of "purchase payments" that will allow the companies to manage more effectively the corporate identification information, to observe requirements of a komplayens and to make payments.

Despite considerable improvements in the field of implementation of payments by consumers, the global space of B2B remains extremely inefficient and based on paper document flow. It increases expenses on hundreds of billions dollars and leads to the depressing delays in world trade. Mastercard Track is a tool which will help to reduce number of problem places in work of the global trading system and will promote export growth, especially small and medium enterprises. Michael Froman, the vice president of MasterCard and the president on strategic growth

Mastercard Track also allows to reduce number of actions which need to be made for  identification of the business partner and also to simplify payment process and to provide its transparency, thus having created  equal working conditions for the small and medium enterprises (MSP). The platform uses and supplements all range of the assets of B2B which are available for Mastercard, beginning from solutions for payment "with the account into the account" and card payments to instruments of counteraction to fraud, analytical data and services of payment gateways.

Solving of tasks of identification, komplayens and management of payments

Completely to disclose for buyers and suppliers the potential of the MasterCard Track platform in the part concerning identification, a komplayens and management of payments, Mastercard from the very beginning cooperates with nine B2B-networks and suppliers of complete solutions for all chain of "purchase payments".

Since the beginning of 2019 clients of these organizations will be able to support, receive and exchange the key information relating to him and to their trading partners through the Track Trade Directory directory including more than 150 million registered companies located in different regions of the world. This centralized directory will collect information from more than 4500 lists of compliance that will increase efficiency of supplier analysis and their adding in a system.

In process of expansion of the platform suppliers will gain the best impression about cash flow – to understand when they can expect receipt of payment and in what amount – at once in several networks. Track will allow to connect on this platform support of all payment types on the basis of bank transfers, maps and accounts and also to connect data of the purchase order with information on an invoice. It will arrange and will simplify process of reconciliation and accounting in a back office which is one of the most burdensome for business.

Thanks to the partners the Track platform will allow B2B-networks, to banks, insurance companies and suppliers of technologies to expand a range of additional, more expensive services for corporate clients, such as expanded analytics of data and financing of trade operations^[1].

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