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14th September 2018
Mastercard collaborates with Microsoft to create Mastercard Track
Mastercard has introduced Mastercard Track™ in collaboration with Microsoft. Track is a unique global trade platform that will simplify and enhance how companies around the world do business with each other.
While parts of the B2B process have been digitised, large and costly gaps still remain – an estimated $500bn in annual administrative costs and rising. These costs are added to the inefficiency of the nearly half of all global business transactions – $58trn – that are still done in paper.
Mastercard Track will address these fundamental challenges by further streamlining and automating the procure-to-pay-process – enabling businesses to manage business identity, compliance and payments in a more efficient way.
Michael Froman, vice chairman and president of strategic growth at Mastercard, said: “While there have been great improvements and innovations in the way consumers pay, the global B2B space remains highly inefficient and paper based. This adds hundreds of billions of dollars of costs and burdensome delays to global trade. Mastercard Track is a tool that will help reduce frictions in the global trading system and promote increased exports – especially by small and medium-sized businesses.”
Peggy Johnson, executive vice president, Microsoft, said: “Together with Mastercard, we’re helping companies around the world accelerate the pace of their own transformation by creating a more efficient buying and selling process at scale. By building Mastercard Track on Azure, Mastercard will be able to take advantage of our stringent security and compliance standards, our global footprint and our intelligent cloud solutions to help organisations of all sizes drive value from the back-office to the front of the enterprise.”