Mastercard announced new partnerships with BMO and Moneris Solutions Corporation (‘Moneris’), who have joined Mastercard Track™ Business Payment Service. This unique Mastercard solution, available to Canadian business customers in early 2022, is designed to help buyer and supplier partners tackle the systemic challenges of business-to-business (B2B) payments – one of the first open-loop commercial solutions to do so globally and a first of its kind in Canada.
Mastercard Track automates and enhances the execution and management of B2B payments and the exchange of payments-related data between buyers and suppliers. It offers supply chain finance solutions and provides greater control over payments to overcome inefficiencies in the current ecosystem. According to a small business study by Mastercard, four out of 10 (40%) Canadian businesses report facing cash flow issues due to late payments and slow processing times for cash and cheques. While delayed payments have always been a challenge for businesses, the pandemic magnified this pain point.
“Current business payment processes often require manual reconciliation work that can be very labour intensive,” said Sasha Krstic, President, Mastercard in Canada. “The availability of Mastercard Track through our new partnerships with BMO and Moneris will help Canadian businesses gain freedom from an inefficient process by simplifying and automating the exchange of payments to make B2B payments work harder, faster and smarter.”