Mastercard has added the Account-to-Account (A2A) payments functionality to its Mastercard Track Business Payment Service.
The Account-to-Account payments functionality in Track Business Payment Service is now available in the U.S. and will be available in all regions by the end of 2021. Cross-border payments are also on the roadmap for next year.
The launch is representative of Mastercard’s aim to modernise payments by solving persistent pain points that Buyers and Suppliers experience today.
“Building on the success of card payments within Mastercard Track Business Payment Service, businesses can now have a similar experience for A2A payments – exchanging data with greater efficiency and facilitating payments across multiple payment rails including Real Time Payments (RTP) and the Automated Clearing House (ACH) in the United States,” James Anderson, Executive Vice President of Global Commercial and B2B Solutions at Mastercard said.
“Today, the vast majority of B2B payments are made through bank account transfers. Extending Mastercard Track Business Payment Service to support these transfers is a step on our way to building out the best and most secure B2B payment network in the world,” he added.
The Track Business Payment Service gives businesses greater control of their payments and supports rich data exchanges and the ability to automate payments without the need to share sensitive bank account information.
In May 2020, Mastercard announced the commercial launch of Track Business Payment Service for U.S. card payments.
Fast forward, businesses of all sizes can use this service to pay and get paid with card through new distribution partners around the world including: bzPay, Gardenia Technologies, Girasol Payment Solutions, Network International, Pendo Technologies Corp., Plastiq, Today Payments, Inc., Transcard, Ukheshe, and Yak Pay.
“Mastercard Track Business Payment Service offers much-improved visibility into the source-to-pay and order-to-cash processes, as well as critical insights into payments for financial products and transactional reporting,” Rupert Schneider, Co-Founder, Gardenia Technologies said.
“This milestone is another step in the journey away from paper-based frustration, incomplete data and manual reconciliation work and toward a fully digitised business payments process,” Anderson concluded.