MasterCard has launched a Web-based ratings system designed to help foster trust between buyers and sellers in e-marketplaces and corporate exchanges.
Through Buyer Insight, a co-developed solution from Open Ratings and Dun & Bradstreet, the MasterSource programme is intended to help businesses make informed, e-procurement decisions based on detailed supplier performance data. In return, sellers can distinguish themselves in the e-marketplace using the system's optional performance analysis. The service is free to MasterCard Corporate Payment Solutions cardholders.
"MasterSource operates on the principle that if buyers can access reliable information about potential trading partners, their confidence levels will increase, resulting in more completed transactions through e-marketplaces," says Steve Abrams, senior vice president, corporate payment solutions.
MasterSource can also be used to compare prices at competing suppliers and provide detailed business and financial information about suppliers within a participating exchange network.
WHN Exchange, a B2B exchange for buyers and sellers of licensed merchandise is an early adopter of the proramme. "The new MasterSource program benefits WHN Exchange members by providing buyers and suppliers with critical performance information to help them make confident transaction decisions," says Frank Keating, general manager of WHN Exchange