To further drive the ease of doing business, Mastercard has launched Mastercard Track in collaboration with Microsoft. Track is a global trade platform that will simplify and enhance how companies around the world do business with each other.
Some parts of the business to business process have been digitised, but there is still a lot to be done. Annual administrative costs are estimated to be about $500 million. These costs added to the inefficiency of nearly half of all global business transactions that will be done on paper will add up to $58 trillion.
To address this issue, Mastercard Track will streamline and automate the procure to pay process. This will enable 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 business to business space remains highly inefficient and paper based. This adds hundreds of billions of dollars of costs and burdensome delays to global trade”.
He noted that “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”. Although consumers have become accustomed to a broader choice of technology solutions, businesses are also looking for speed, security and convenience in their everyday operations.
The Executive Vice President of Microsoft, Peggy Johnson said “together with Mastercard, we are helping companies around the word accelerate the pace of their own transformation, by creating a more efficient buying and selling process at scale”.
He also added that “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”.