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Introducing the B2B payments solution that leads to faster, real-time payments

Through its new partnership with BMO and Moneris, Mastercard is bringing its first-of-its-kind modernized digital payment system to Canada

A woman works on a laptop with papers on her desk Mastercard’s Track BPS allows businesses to simplify and automate the exchange of B2B payments

We’ve all been on a journey during the pandemic. The last two years have forced us to reimagine countless aspects of our day-to-day lives and adjust plans for an uncertain future. It has also completely disrupted business practices, as anybody who has had to deal with business-to-business payments can attest.

While the pandemic has accelerated the use of contactless and other digital payment methods, B2B payment flows have actually slowed considerably—39 per cent of businesses say they have had to wait significantly longer to receive payments now than they did at the same time in 2019.

According to a December report from PYMNTS and Mastercard titled “Accelerating the Time to Realized Revenue,” one-fifth of Canadian businesses surveyed reported longer days sales outstanding (DSOs) than prior to the pandemic. In fact, higher DSOs is just one of a number of payments issues businesses are facing. Twenty-two per cent of Canadian businesses say fraud poses a challenge when receiving payments. Meanwhile, 17 per cent have said they encounter problems relating to reconciliation and an additional 13 per cent cited manual tracking as an obstacle to reliable, real-time payments.

These problems can all be solved. In fact, the report finds that 71 per cent of businesses with manual payment processes believe that technological innovation can improve their operational efficiency. Yet adoption of new digital systems has been surprisingly slow— despite the overwhelming evidence that businesses must digitize in order to stay ahead of the curve.

“Current business payment processes often require manual reconciliation work that can be very labour intensive,” says Sasha Krstic, president of Mastercard in Canada. As a leading tech company in the ever-evolving payments industry, Krstic says that Mastercard has been working to address the issue of inefficient payments systems in order to meet the needs of sellers and buyers alike. The result? A new partnership with Moneris Solutions and BMO, who joined Mastercard’s Track Business Payment Service (Track BPS), which Krstic adds is the first-of-its kind open-loop network in Canada.

The modernized system for sending and receiving payments for businesses offers faster payment processing and addresses the challenges businesses have been facing for years, but were exacerbated by the pandemic.

Krstic says that the availability of Mastercard Track through the organization’s new partnerships with BMO and Moneris will help Canadian businesses gain freedom from an inefficient process. With Track BPS, businesses can simplify and automate the exchange of payments to make B2B payments work harder, faster and smarter.

On the one hand, buyers can take advantage of improved processes to manage cash flow that allow them to capture early-payment discounts. Sellers, meanwhile, can manage payment methods for all invoices more effectively than ever while addressing the top three challenges when receiving payments today: fraud, reconciliation and manual tracking.

The new partnership is welcome news to the countless businesses across Canada tasked with navigating the twists and turns of today’s economic challenges. Track BPS allows them to stay in the driver’s seat and more effectively maintain control over their payments and operations.

“These types of payment solutions help businesses improve efficiency of payments with suppliers and better manage their cash flow and overall business health,” Moneris president and CEO Angela Brown said on the partnership. “Ensuring we continually enhance the options available to our customers through the addition of services like Mastercard Track allows us to maintain our leadership in the Canadian B2B payments space.”

“In addition to reducing supplier enablement friction and facilitating quicker speed-to-spend,” adds Derek Vernon, head of payments modernization and North American commercial deposits with BMO, “this solution provides BMO Corporate Card clients with the opportunity to influence their supplier payment strategy.”

It’s time to revolutionize your B2B payments and accelerate your business into the digital age with Track BPS, a modern solution that will stay with us long after the pandemic is gone.

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