Barclaycard Payments has agreed to join Mastercard's multi-rail, account-to-account Track Business Payment Services operation, providing a new range of functionality for business customers.
The open loop network from Mastercard gives buyers and suppliers multiple options for paying and receiving cash to their accounts.
Individual companies connect to Mastercard Track Business Payment Service through a ‘Payment Agent’, who assists them in getting the best value from the service.
Barclaycard is joining as both a Buyers and a Suppliers Payment Agent, enabling corporate customers to solve both payables and receivables challenges by banishing painstaking manual reconciliation, and lengthy delays in allocating cash.
Recent research from Barclaycard Payments reveals that more than four in 10 businesses seek greater automation when it comes to payment processes. Nearly a third also say they would like to add functionality that automatically matches supplier invoices against purchase orders - both of which participation in Track will enable.
Marc Pettican, president, Barclaycard Payments says: “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.”