The new service, to be offered through Barclaycard Payments, will enable the payments business to support its corporate customers even more effectively
Barclaycard Payments today announces it has agreed to join Mastercard Track™ Business Payment Service, making new services available to Barclaycard Payments’ customers later this year.
The innovative, open loop network delivers value to both Buyers and Suppliers by simplifying and automating the set up and execution of business payments using multiple payment rails and enhancing the exchange of payments-related data. In turn, it enables Buyers and Suppliers to utilise the best available option for paying each-and-every invoice.
The agreement builds on Barclaycard Payments and Mastercard’s strong existing relationship in Commercial cards. The two businesses have recently signed a new multi-year agreement, ensuring that together they can continue to deliver outstanding commercial payment services to businesses around the world.
Individual companies connect to Mastercard Track™ Business Payment Service through a ‘Payment Agent’, who assists them in getting the best value from the service. Highlighting its position as a leading global payment business that helps merchants both make and take payments, Barclaycard Payments has agreed to join Track as both a Buyers and a Suppliers Payment Agent. This enables corporate customers to solve both Payables and Receivables challenges – meaning painstaking manual reconciliation, and lengthy delays in allocating cash, will become a thing of the past.
The challenges that result from manual processes are highlighted by research from Barclaycard Payments1 revealing that more than four in 10 (44 per cent) businesses seek greater automation when it comes to payment processes. Nearly a third (32 per cent) also say they would like to add functionality that automatically matches supplier invoices against purchase orders – both of which participation in Track will accelerate.
Marc Pettican, President, Barclaycard Payments commented, “We are delighted to be building on our successful partnership with Mastercard. This announcement further strengthens our relationship and I look forward to continuing to drive transformational change across our industry to benefit businesses. What excites me most about today’s B2B payments landscape is the opportunity to help save time, money and working capital – especially now when it is most important – and our partnership with Mastercard is another step forward toward that goal.”
Mark Barnett, President, Mastercard Europe commented, “Barclaycard has been a longstanding partner and we are delighted to be expanding our relationship further, offering new services to make B2B payments work harder, faster and smarter. We have a mutual goal to give businesses a better way to maintain control, manage cash flow and be more operationally efficient – all things that are incredibly important for companies navigating today’s economic challenges.”
James Anderson, Executive Vice President of Commercial and B2B Solutions at Mastercard said, “There is a paradigm shift happening in the B2B payments landscape. Our partnership with Barclaycard Payments will work at scale to give businesses a multi-rail experience to manage working capital, get better quality information, improved payment security. We are honoured that Barclaycard Payments has chosen to work with Mastercard as they deliver on their mission to make B2B payments work better.”
Modernising B2B Payments Through a Multi-Rail Strategy
In November 2020, Mastercard announced its commitment to continue delivering on its multi-rail strategy with the addition of Account-to-Account payments functionality to Track Business Payment Service in the United States. Global expansion of Account-to-Account services and cross-border payments are forthcoming.