Velo and Mastercard announced a partnership to modernise the $125 trillion global business payments market. The agreement will see Velo operate as both a buyer and supplier agent for Mastercard’s Track Business Payment Service.
Track was built to simplify and automate the exchange of payments-related data between the world’s buyers and suppliers, and it is one of the first open loop commercial solutions to do so.
Velo’s global payments platform will adopt the Track services. Its buyers will be able to optimise incentives, spend less time on accounts payable and reduce fraud, while the suppliers will benefit from greater control, efficiency and flexibility.
Velo is integrating into the Track ecosystem to enable both bank account and card payments. Track makes it easier for Velo to deliver on its mission to help businesses pay and get paid. Velo will offer Track capabilities by default to all its direct and wholesale clients.
“Mastercard Track helps supplier and buyer partners tackle the systemic challenges of business-to-business payments,” James Anderson, executive vice president of commercial products at Mastercard, said. “Velo and Mastercard’s partnership positions both companies to vastly improve the way businesses conduct trade at scale.”
Velo’s easily adopted technology, which integrates seamlessly with existing legacy interfaces, helps large corporations optimise their treasury management and helps businesses manage their payments with ease and reliability.
Velo Payments’ chief executive officer Drew Weinstein said, “The business payments ecosystem has, up until now, failed to keep up with the advances in global trade and technology. Businesses are starting to embrace the data-driven payments modernisation that is needed to reduce cost, complexity and time for domestic and cross-border transactions. With that, Velo’s technology is a perfect complement to Mastercard Track. By working with Mastercard, Velo is looking forward to reshaping global payments and driving world commerce into the future.”
With its focus on customer experience and data integrity, coupled with proprietary internet and mobile technologies, Velo is enabling the full digitalisation and optimisation of commercial payments management for large corporations and financial institutions.
Re-disseminated by The Asian Banker