Mastercard and Visa Make Moves to Improve B2B Payment
Monday, June 19, 2017
A majority of all business-to-business payments in the U.S. are still made via check with manual payment processes. While larger companies have benefited from sophisticated accounts payable solutions, many small and midsize companies still need automated solutions to process invoices and pay suppliers efficiently rather than using checks. The Mastercard B2B Hub aims to improve these processes for companies who want to more effectively manage their accounts payable activities.
The Mastercard B2B Hub, delivered through card issuers, is an end-to-end automated solution that meets the payment needs of small and midsized companies. It leverages digital tools and resources to maximize electronic payments across cards and data-enriched ACH. In addition to driving cost efficiencies, the Mastercard B2B Hub enables a more secure electronic payment experience, provides enhanced data and insights, offers easier reconciliation, and meets the funding needs of companies.
In a similar move, Visa announced Visa its Ready Program for Business Solutions, a strategic framework to help technology companies that integrate with Visa’s B2B payment services and data solutions ensure that they meet Visa’s standards and are market ready.
Visa Ready for Business Solutions aims to accelerate growth and enable new use cases in the B2B payments space. The program enables Visa’s technology partners to quickly integrate and approve Visa B2B payments solutions, including enhanced data, virtual card integration, payables automation and payment controls. Upon successful completion of the approval process, partners may use Visa Ready mark in connection with the approved solution on their website and marketing collateral.