Mastercard has announced that its Mastercard Track platform has integrated with Singapore’s Networked Trade Platform (NTP).
The collaboration will enable international trade and transactions.
Launched last month, the NTP serves as a digital trade platform for business-to-government (B2G) and business-to-business (B2B) services.
The Singapore Customs department and the Government Technology Agency of Singapore are in charge of the NTP platform.
Within the NTP, Mastercard Track will streamline electronic transactions and payment reconciliation between international buyers and suppliers.
The integration will facilitate end-to-end digital trade, improve productivity of the companies as well as encourage competitiveness.
Additionally, it will simplify business processes between the two companies and offer new opportunities to small and medium-sized businesses.
Mastercard Enterprise Partnerships executive vice-president Claire Thompson said: “The integration of Mastercard Track with the NetworkedTrade Platform reinforces Mastercard’s commitment to make the business of doing business easier, leveraging Mastercard’s expertise and global network connectivity to streamline payments and facilitate greater trust between businesses worldwide.
“In understanding the challenges to enhance Singapore’s competitiveness, there is an opportunity to address industry pain points to make commerce safer, simpler, and more seamless for all.”
Developed in collaboration with Microsoft, Mastercard Track complements the company’s B2B asset portfolio.
The platform capabilities are expected to be further enhanced in future to help in connecting all types of payments including account-based, card-based or bank transfers.