MasterCard releases B2B payments platform

MasterCard releases B2B payments platform

MasterCard has launched a payments gateway for routine commercial payments in the US business to business (B2B) market.

MasterCard Payment Gateway is designed to offer corporates an enterprise-wide and electronic platform that can be offered on a white label basis to their own suppliers, claims MasterCard.

According to research group Celent, corporates are increasingly demanding more efficient payment systems. "The financial institutions that are able to deliver against this demand will excel over the next five years and market share of the nearly 10 billion annual B2B transactions will certainly shift in favour of those institutions that make it easier and faster," says Alenka Grealish, managing director at Celent.

Wells Fargo is set to be the platform's first customer. "By integrating the MasterCard Payment Gateway we extend the capabilities of our Payment Manager product so that it addresses the entire spectrum of needs our corporate customers face when managing their B2B payments lifecycle," says Mary Mazzochi, senior vice president and manager of Wells Fargo's commercial card product line.

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