US-based payments card company Mastercard has joined forces with HSBC to roll out a new business-to-business (B2B) payment solution, Mastercard Track Card to Account Transfer, in the UK.
The new offering is part of the company’s suite of B2B products and services designed to simplify payment processes for businesses.
It enables businesses to use their commercial cards to make payments to suppliers, regardless of the supplier accepting card payments.
HSBC will be the first issuer to launch the new B2B payment solution from Mastercard for its business customers, starting from this year.
HSBC commercial cards global head Brian Tomkins said: “This enhancement is a further step forward in the convergence of B2B Cards and traditional payments.
“Mastercard Track Card to Account transfer combines the security and working capital benefits of HSBC’s Virtual Cards with real-time-payments.
“Allowing our customers to make early payments while utilising the credit terms on their underlying card account, for extended days to pay.”
The new solution from Mastercard is said to help businesses manage cash flow, eliminate manual work and expand payment options as it allows card payments directly into the bank account.
With the Mastercard Track Card to Account Transfer solution, HSBC customers can reduce payment friction and improve efficiency in accounts payable processes.
In addition, they can generate insights on company-wide spending to make better decisions, manage risk more effectively, and optimise liquidity and working capital.
Mastercard UK & Ireland division president Kelly Devine said: “Mastercard is focussed on putting an end to the operational and financial challenges created by inefficient processes in B2B payments.
“With the new Mastercard Track Card to Account Transfer solution, we are offering even more choices to banks in how they provide and adapt value-added services to their business customers.
“Particularly in these difficult times, it’s critically important for businesses to have flexible and dependable payment options to smooth cashflow throughout the supply chain.”
