MasterCard International and TradeCard are to develop and pilot a new online payment system for B2B exchange purchasing.
The proposed solution will marry TradeCard's compliance and transaction workflow technology with MasterCard's purchasing card platform to enable businesses to complete transactions whether large or small, domestic or cross-border, in multiple currencies.
The service will be targeted at B2B exchanges and marketplaces, which currently have no similar comprehensive online payment solution for handling different sizes and types of transactions. Businesses will be able to pay for spot transactions, or track larger, more complicated corporate purchase orders through their transaction cycle and then pay for them when the contract terms have been satisfied. Companies will be able to receive integrated payment information, including transaction-level detail via secure web access.
The companies expect to undertake pilot transactions during the fourth quarter of 2000.