Purchase-headquartered Mastercard (NYSE:MA) has introduced Mastercard Receivables Manager, an automated solution designed to streamline how businesses accept and process virtual card payments.
According to the company, suppliers will no longer need to manually capture and enter virtual card details to reconcile the vast number of digital payments received. Instead, the new product will consolidate card payments from all issuers so the remittance data can automatically be matched to open invoices and formatted and delivered for their Enterprise Resource Planning. As a result, the new solution would make it easier for suppliers to reconcile invoices with efficiency and accuracy while providing the ability to drive early payments and improve overall cash flow visibility.
Mastercard has partnered with Billtrust, a B2B order-to-cash software and digital payments market leader, to deliver its latest commercial solution, which is now available for U.S. customers and will be introduced in other markets later this year.
“This is a significant milestone in our journey to deliver more seamless, digital-first user experiences to the B2B payments ecosystem,” said Chad Wallace, global head of commercial solutions at Mastercard. “We”™re bridging the gap between buyers”™ virtual card preferences and suppliers”™ acceptance challenges by automating manual processes and transforming the way accounts receivable teams operate.”
