Worth posting again....
Join the dots. "database of payment preferences" or payment rails is the key ...
With Spenda, customers can access a personalised view of your accounts receivable ledger (on a secure, approved basis) and see what they owe you. They can then choose to pay off one or multiple invoices in a single transaction via bank transfer or credit card and save a payment preference.(into a database)
The payment is then automatically reconciled into your accounting system, and into your customers accounting software if they have a Spenda account.
https://spenda.co/solutions/by-industry/accountants-bookkeepers/
An update on Mastercard Track Business Payment Service & B2B Payments
December 10, 2020
“We see every single invoice rendered by a supplier sent to a buyer as an opportunity for a better outcome for both buyer and supplier. That is a foundational principle.” — James Anderson, Executive Vice President, Commercial Products, Mastercard
Mastercard was trying to address payments from a card network approach, and James said this would not work at scale. James decided to flip the narrative, and focus on developing Mastercard Track Business Payment Service to support payments, not a separate business in and of itself.
Mastercard Track Business Payment Service was not going to be another KYC tool, but a database of supplier payment preferences to deal with the massive complexity intrinsic to B2B transactions and payments.
https://spendmatters.com/2020/12/10/an-update-on-mastercard-track-business-payment-service-b2b-payments/
One of the many examples out there....
EedenBull Integrates Mastercard Track To Drive Modernization of B2B Payments
August 9, 2021
This piece was dropped in The Scotsman, which seems apt given that the 2018 Oslo-based startup fintech Eedenbull has operations in Edinburgh. The company develops products for corporate banking entities in the payments space and has a platform banking solution. It seems that Eedenbull will be incorporating Mastercard Track into their offering.
One of the first open-loop B2B commercial networks, Mastercard Track automates payments-related data exchange between buyers and suppliers….
Consisting of a portfolio of B2B solutions,(database) it helps businesses increase simplicity, flexibility, and efficiency, optimizing the best option of paying or getting paid for every invoice across multiple payment rails….
As a result of the tie-up, Oslo-headquartered EedenBull says its fast-growing network of banking partners will benefit from reduced complexity, driving down costs and enhancing the end-user experience for their business and corporate customers….
The integration demonstrates EedenBull’s commitment to drive modernisation of the B2B commercial payment ecosystem.
So it seems that the Mastercard Track network is starting to gain some traction, given the recent announcement that Barclaycard Payments will also be a participant. Eedenbull distributes through banks, which often do not have the technical resources to keep up with all the latest-gen tech that is available for corporate customers to consume.
As we see the acceleration of digital payments and processes, we also have the corresponding workplace and demographic changes happening simultaneously, which increase demand for easier B2B payments experiences, in line with how people conduct their personal lives. So we’ll keep an eye on these developments.
https://www.paymentsjournal.com/eedenbull-integrates-mastercard-track-to-drive-modernization-of-b2b-payments/
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