This piece was dropped in The Scotsman, which seems apt given that the 2018 Oslo-based startup fintech Eedenbull has operations in Edinburgh. The company develops products for corporate banking entities in the payments space and has a platform banking solution. It seems that Eedenbull will be incorporating Mastercard Track into their offering.
The Mastercard Track network was first announced in late 2017 as a B2B information sharing system and has been evolving into a broader range of services, most recently the Mastercard Track Business Payments Service announced last year. Eedenbull will become a member of the network and utilize the BPS to enhance its’ own offerings to bank constituents.
‘One of the first open-loop B2B commercial networks, Mastercard Track automates payments-related data exchange between buyers and suppliers….Consisting of a portfolio of B2B solutions, it helps businesses increase simplicity, flexibility, and efficiency, optimizing the best option of paying or getting paid for every invoice across multiple payment rails….As a result of the tie-up, Oslo-headquartered EedenBull says its fast-growing network of banking partners will benefit from reduced complexity, driving down costs and enhancing the end-user experience for their business and corporate customers….The integration demonstrates EedenBull’s commitment to drive modernisation of the B2B commercial payment ecosystem.’
So it seems that the Mastercard Track network is starting to gain some traction, given the recent announcement that Barclaycard Payments will also be a participant. Eedenbull distributes through banks, which often do not have the technical resources to keep up with all the latest-gen tech that is available for corporate customers to consume.
As we see the acceleration of digital payments and processes, we also have the corresponding workplace and demographic changes happening simultaneously, which increase demand for easier B2B payments experiences, in line with how people conduct their personal lives. So we’ll keep an eye on these developments.
‘Nicki Bisgaard, CEO and co-founder of EedenBull, said: “The global pandemic is accelerating a move towards automated B2B payments and shifting business’ digital expectations in the process….“As a result, banks need help optimising their offering to not lose out on customer loyalty or the huge opportunity that lies ahead. This collaboration underpins our commitment to delivering optimised B2B payment solutions to our banking partners, allowing them to meet the complex needs of their business customers.”…He added: “EedenBull is delighted to continue its excellent relationship with Mastercard. By joining Mastercard Track, we believe our solution helps to solve some of the most urgent B2B payment challenges today.”…Eedenbull will use Track Business Payment Service as a Buyer Payment Agent (BPA) by integrating with Mastercard APIs and it will be actively offering the service to its partner banks.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
