MasterCard has teamed up with Priority B2B, a payment processing services provider to offer banks and their customers with an end-to-end, integrated commercial payment solution.
The partnership will enable MasterCard’s issuing bank partners access to capabilities that will empower them to deepen engagement with their customers, resolving common pain points experienced by customers.
The partnership will enable an issuer’s customers to better understand the relevance of commercial payment solutions to their business.
It will also support the issuer’s customers and their supplier network with the establishment of commercial payment systems and educate the wider supplier network on the benefits of commercial payment solutions.
MasterCard head of commercial product solutions for Asia-Pacific region Philip Glickman said: "In today’s business climate, multi-market operations are the norm for any business, no matter what size.
"As such, many businesses are innately aware that there are multiple benefits to commercial product solutions, whether in extending working capital life cycles or providing overall procurement efficiencies.
"However, while businesses may realize those benefits for themselves, they often face resistance and difficulties in convincing their suppliers of the same. This results in lost opportunities and sunk investments in their commercial card solutions."