As part of the implementation of its multi-rail strategy, Mastercard has launched a new account-to-account payment functionality for its B2B “Mastercard Track Business Payment Service” offer. The American company intends to modernize the sector. Its innovation promises to solve the lingering problems that buyers and suppliers face today.

It gives companies better control of their payments, enables rich data exchange and automates payments by eliminating a major risk. It is about the need to share sensitive information about one’s bank account. Thanks to Mastercard’s solution, suppliers and buyers can better preserve the confidentiality of their data.

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The new functionality is available in the United States and will be rolled out in all regions by the end of 2021. James Anderson, executive vice president of global business solutions and B2B at Mastercard, explained the stakes of this launch.

“Today, the vast majority of B2B payments are made by wire transfer. Expanding the Mastercard Track Business payment service to support these transfers is a step towards creating the best and most secure B2B payment network in the world, ” he said.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer