Mastercard today announced a new supply chain finance capability within Track Business Payment Service (Track BPS) – designed to increase access to working capital while lowering costs, reducing complexity and risk, and accelerating automation when businesses pay and get paid
Launched in partnership with Demica, a leading global provider of supply chain finance technology, this new offering empowers Mastercard partners to provide their business customers with access to affordable working capital. Mastercard Track, an open-loop network, can now connect providers of B2B payments and their respective buyer and supplier customers to working capital.
A lack of scalable solutions in the market has put supply chain financing out of reach for many businesses. As a result, only the largest suppliers can access working capital solutions, while trillions of dollars are tied up in accounts receivable each year.
Mastercard’s solution unlocks a network for working capital - covering small businesses and global corporations alike, driving speed to market, and offering ease of integration for payment partners. Demica brings a global, flexible, multi-product financing platform and expansive network of banks and other funders at scale. Payment partners and their customers can benefit from Demica’s capabilities ranging from advisory services, supplier onboarding, and a white-labelled deployment process.
“We are delighted to be working with Mastercard to transform the B2B payments landscape. This partnership will unite Demica’s scalable platform technology with Mastercard’s powerful infrastructure to make a real difference for businesses globally,” said Matt Wreford, CEO, Demica. “Our platform automates financing of payables and receivables and our global network of banks and non-bank investors opens up access to new sources of capital – we’re excited to bring these benefits to more companies through our global partnership with Mastercard.”
By launching this first of its kind, embedded working capital capability in Mastercard’s Track Business Payment Service multi-rail platform, Mastercard is doubling down on its commitment to empower every business to get the working capital they need to thrive. This solution enables payment partners to extend the reach of buyer programs to more of their supply chain partners, strengthening supplier relationships. Suppliers gain improved access to competitively priced early payments and enjoy enhanced user experiences, such as one-time enrollment, standard agreements, and easy implementation leveraging their partner connections.
Helping businesses optimize their working capital has been one of the key goals of Mastercard Track Business Payment Service. Disparate systems and processes in the current B2B ecosystem continue to make cash flow management complicated, increase operating costs, and hinder business growth. Our new offering and partnership with Demica help solve these pain points by allowing buyers and suppliers to unlock their working capital and deploy it to grow their businesses – enabling choice and scale and accelerating financial inclusion.”
Craig Vosburg, Chief Product Officer, Mastercard
Mastercard is integrating its Track Business Payment Service network and its blockchain-based Mastercard Provenance Solution in supply chains across industries. Buyers and suppliers will see improved visibility, traceability, and procure-to-pay cycle times. As a result, payment partners can use this data to reduce risk, decrease reconciliation costs, and help further advance early payments in the accounts payable and receivable processes. The offering will provide access and support to a new suite of APIs to power each step of the commercial payments journey. Learn more at Mastercard Developers.
This new supply chain finance offering is available on Account-to-Account (A2A) rails in the United States with plans for global expansion throughout 2022 as Mastercard continues to onboard partners in this space through its focused approach to global trade.
New Track BPS Partners Offer Choice for Customers Around the World
Mastercard continues its strong growth with network partners supporting Track Business Payment Service which is now live in regions around the world for A2A and global card payments. Today, businesses of all sizes can use this service to optimize payments and streamline reconciliation through payment partners in financial services, fintech, and business automation services industries.
New partnerships in North America include HSBC, FreshBooks, FISPAN and SnapAP who will offer the Track Business Payment Service capability to their commercial customers. In addition, global scale continues around the world with new partners in the Middle East & Africa, Latin America, Europe and Asia Pacific including: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Cirralto, Emirates Islamic Bank P.J.S.C, First Abu Dhabi Bank, FlowPay, H&CO, Mashreq Bank, RAKBANK, RFM Loyalty, Standard Bank, and Telr.
About Mastercard (NYSE:MA):
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
We are a market-leading fintech, powering the trade finance programmes of the world’s largest trade banks and corporations. Demica’s proposition is simple: our intuitive, cloud-based platform enables financial institutions and corporates to automate and scale their working capital solutions. Today, we have over US$18bn of programs running through our platform, across the full spectrum of working capital products. Funded by a diverse range of banks and institutional investors, these programs enable companies to strengthen their supply chains and redeploy capital to drive growth.
PrimeRevenue, Inc., the leading provider of technology-enabled B2B payments and working capital solutions, announces its newest innovation: The PrimeRevenue SurePay platform. As the first tool of its kind, the SurePay platform streamlines B2B payment services to enable easy and accessible early and on-time payment solutions for the entire supply chain.
Since 2003, PrimeRevenue's core offering has historically focused solely on early payment solutions such as supply chain finance, dynamic discounting, and accounts receivable finance. As the global business landscape evolves, PrimeRevenue has developed additional solutions that address a broader range of B2B payment needs.
The SurePay platform ensures every supplier gets paid on time, every time by simplifying the B2B payments ecosystem. Customers can consolidate their entire supplier base onto one simple-to-use payments tool, eliminating cumbersome and manual processes that are costly, time-consuming, and error prone. As a result, clients save costs and streamline AP/AR processes.
"The PrimeRevenue SurePay platform automates the AP/AR payment process, so once approved invoices hit our system, the platform handles the rest," said Gavin Cicchinelli, COO of PrimeRevenue. "Suppliers can confidently manage their cash flow with an intuitive platform that provides comprehensive reporting, transparency into invoice approval status, visibility into upcoming payments, automated remittance advice reporting, and so much more."
Global businesses face many payment challenges, from jurisdictional payment regulations and lack of standardized payment terms to the administrative burden that comes with managing multiple ERP systems or payment platforms.
At its core, PrimeRevenue has always been a payments company. As we grow, a natural evolution for PrimeRevenue is to expand into a new sphere of B2B payments. For us, that means developing innovative solutions that serve the entire supply chain – regardless of industry, jurisdiction, currency, or early payment offering."
PJ Bain, CEO of PrimeRevenue
As a pioneer in global B2B payments, the PrimeRevenue SurePay platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of companies around the world leverage one streamlined platform to increase payment visibility, enhance control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong, and Melbourne.
Yext, Inc. the AI Search Company, today announced the launch of its Financial Services Cloud, a set of AI search solutions optimized for banks and other financial institutions.
Incorporating classic Yext capabilities like advanced AI-powered site search, accurate third-party listings, and search-optimized landing pages, the Financial Services Cloud also introduces a completely new solution: Guided Search. The solution leads consumers through a series of questions on a financial institution's website in order to match them with the product, service, or financial professional aligned to their unique needs. With hyper-personalization emerging as a top trend in the financial services industry, it's never been more important for institutions to bypass a one-size-fits-all approach, and instead offer customizable online experiences to their customers.
Yext's Financial Services Cloud includes the following solutions:
Guided Search: When consumers search, they're looking for direction. With guided search, financial institutions can provide just that, by combining Yext's powerful AI-powered site search with a guided Q&A experience on their website. When someone answers questions about their unique financial needs, goals, and preferences, guided search will analyze their responses and suggest the right product, service, or financial professional — resulting in prospects who are more likely to convert.
Reputation Management: Yext's reputation management solution makes it easy for financial institutions to monitor, respond to, and generate reviews for their branches and professionals at scale. This helps financial institutions not only build better brand trust, but also increase their discoverability on third-party search platforms.
Marketing for Branches and Professionals: By accessing Yext's vast network of direct integrations — with more than 200 third-party platforms like Google, Bing, and Amazon Alexa — financial institutions can optimize and update information about their branches and financial professionals with the click of a button.
Product and Service Pages: Financial institutions have the ability to create search-optimized landing pages that showcase their various products and service offerings. This improves their discoverability on third-party platforms and helps turn site visitors into customers.
Portals: Financial professionals, channel partners, and customers can now take advantage of personalized AI search-powered control centers — either on a financial institution's first-party experiences or behind its firewall. With permissions based on user roles, different users can self-serve and find answers to questions on their own, leading to increased satisfaction, improved productivity, reduced support requests, and more.
"Time and again, consumers have rated personalization as a cornerstone of financial services — and that's no surprise, given the unique needs of every customer. With the introduction of Yext's Financial Services Cloud, especially our new guided search solution, financial institutions can deliver an exceptional, personalized experience to every customer on their website — even those who need help identifying exactly what they're looking for."
Shane Closser, Head of Industry for Financial Services at Yext.
Financial institutions around the world, including Vanguard, Farmer's Insurance, Citizens Bank, and Dime Community Bank, have taken advantage of Yext's platform to increase return on investment (ROI) and reduce support call volume.
"Partnering with Yext has allowed our digital marketing team to not only easily update location information for the branch network, but to also garner valuable data on the customer network," said Steve Miley, Senior Vice President, Strategic Marketing at Dime Community Bank, a Yext customer and user of site search, listings, and reputation management solutions, among others. "We have been able to better connect with not only our customers through an enhanced experience, but also have seen a vast improvement of the overall user experience on a greater scale."
Yext is the AI Search Company and is on a mission to transform the enterprise with AI search.
With the explosion of information and data online, search has never been more important. However, while the world of consumer search has innovated over time, enterprise search has not. In fact, the majority of enterprise search is powered by outdated keyword search technology that only scans for keywords and delivers a list of hyperlinks rather than actually answering questions.