PAYMENTS

Priority and Mastercard Track Join for a New Partnership to Modernize B2B Payments

Priority Technology Holdings, Inc | March 04, 2022

Priority_and_Mastercard
Priority Technology Holdings, Inc., a well-known payments technology company, has announced its new partnership with Mastercard Track™ to modernize B2B payment solutions for their customers. Mastercard Track Business Payment Service has automated its payments-related data information between buyers and suppliers. The payment data information consists of a portfolio of B2B solutions. Mastercard Track helps businesses increase flexibility, simplicity, and efficiency by providing these solutions, thus optimizing the best option of paying and getting paid across multiple payment platforms.

Priority's partners will benefit from the new partnership; they'll get an allowance to use virtual cards, a direct deposit experience. In addition, when customers would make payments through MasterCard Track, they will receive enhanced remittance automatically, which will eliminate the need for manual extraction of payment details and data.

On the new partnership news, Stephen Tackett, Executive Vice President and Head of the B2B division for Priority, says, "We are thrilled to be expanding on our successful partnership with Mastercard. Mastercard Track delivers tremendous value to both buyers and suppliers by simplifying and automating the exchange of payments-related data while cutting costs and reducing complexity and risk for businesses."

We're seeing a paradigm shift happening in the B2B payments landscape, and Mastercard is working at scale to offer a choice for suppliers and buyers to optimize the best payment option to pay and get paid. With Mastercard Track and through collaborations like this one with Priority, we're delivering on our mission to make B2B payments work for everyone."

Marie Elizabeth Aloisi, Executive Vice President of Commercial Solutions for Mastercard

Therefore, Priority's incorporation with Mastercard Track will bring best-in-class payment solutions to the market—buyers and suppliers.

Spotlight

Financial institutions are on the precipice of a major change, both externally and internally. As consumer expectations evolve and more consumers rely on mobile devices and web apps to manage their lives, banks must develop robust data management systems that serve their customers with personalized services. They will need to streamline their data collection and data management processes successfully understand and engage the customer — and all while meeting compliance and regulatory standards. This is easier to execute with an operational data layer embedded in the bank’s architecture, an important element that can help manage data efficiency.

Spotlight

Financial institutions are on the precipice of a major change, both externally and internally. As consumer expectations evolve and more consumers rely on mobile devices and web apps to manage their lives, banks must develop robust data management systems that serve their customers with personalized services. They will need to streamline their data collection and data management processes successfully understand and engage the customer — and all while meeting compliance and regulatory standards. This is easier to execute with an operational data layer embedded in the bank’s architecture, an important element that can help manage data efficiency.

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