Mastercard Track™ Business Payment Service will facilitate the exchange of data connected to payments made via Transcard’s SMART Suite.

Mastercard Track™ Business Payment Service is a global open-loop commercial network that simplifies and automates the exchange of payments data between buyers and suppliers. The innovative network helps facilitate the collection and exchange of data across the payment methods and rails available in SMART Suite. Businesses on the network set preferences for how they would like to make or take payment. Suppliers on the network receive enhanced remittance details, reducing manual processing.

The combination of Transcard’s embedded payment solutions with Mastercard’s Business Payment Service data exchange network streamlines payables and receivables processes for businesses. By embedding SMART Suite in their ERP application or accounting software, businesses can use a single integrated platform to manage payables and receivables payments and automatically disburse payment on approved invoices, initiate request for payment as invoices are ready to bill, track payments, and reconcile payments with their ERP application or accounting software, without operator intervention.

In addition, FinTechs that want to easily integrate into Mastercard’s B2B payments solution get access through Transcard’s versatile SMART Suite APIs.

Transcard’s intuitive onboarding tool makes it easy for businesses to electronically identify and connect with trading partners that participate in the Mastercard Track™ Business Payment Service.

“Transcard is excited to extend its partnership with Mastercard to offer SMART Suite business users a smarter and faster way to make and receive B2B payments,” said Transcard CEO Greg Bloh. “The integration of Transcard’s SMART Suite with Mastercard’s service will help businesses streamline the exchange of B2B payments and data and unlock working capital.”

This integration and partnership are another way that Transcard is helping buyers and suppliers to eliminate friction in the payment lifecycle. Transcard’s SMART Suite seamlessly integrates with any ERP application, accounting software package, or system of record, connects with any depository account through open banking, provides configurable workflows for any inbound and outbound payment application, and supports any payment method or payment rail.

Mastercard Track™ Business Payment Service is now available to users of Transcard’s SMART Suite.