This brief release can be found at The Fintech Times and is announcing the expansion of the Mastercard Track Business Payment Service into the UAE. Readers of these pages may recall previous postings on these pages about the service, which was originally announced back in Q3 2018 as a trade platform built on Microsoft Azure.
There have been gradual additions to the platform to include the execution of various payment types. This UAE implementation is being done initially through HSBC.
‘The latest collaboration will result in the launch of Mastercard Track Business Payment Service in the UAE. With partnerships across all regions around the world, Mastercard Track Business Payment Service helps companies simplify and optimise how they pay and get paid through a global open-loop network. Businesses have greater control of their payments with rich data exchanges and the ability to automate payments across multiple payment rails. Among the benefits for businesses are the ability to scale, improved security and control, cash flow efficiency and digitisation of existing manual processes’
As we have reported before, Mastercard’s solution provides a business directory, parameter-driven preference settings, and richer data for reconciliation. There is also now access to card, ACH, real-time and cross-border payments.
This is one of the ways that the payments technology company is executing its strategic move to further provide B2B payments modernization, which has been a priority for Mastercard and other networks now for several years given the size of the value flows in global wholesale goods and services as compared to consumer spend.
‘ “The launch of Mastercard Track Business Payment Service is a game-changer for the Middle East and Africa region. We are seeing a structural need to digitise and automate B2B payments across all our markets, accelerated by the global pandemic, and Mastercard Track allows us to fully take advantage of this opportunity. We are thrilled to have partnered with HSBC to further deliver on modernising the business payment ecosystem by delivering a better payment reconciliation experience for HSBC business customers in the UAE,” “said Girish Nanda, Country Manager, UAE & Pakistan, Mastercard…In November 2020, Mastercard announced the addition of global Card payment capabilities to Track Business Payment Service and Account-to-Account functionality in the United States, with plans to scale globally.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
