To realise the true potential of virtual cards, payment giant Mastercard is launching a new programme that will help banks, platform partners, and mutual end corporate customers transform their commercial payment offerings, powered by Mastercard’s Virtual Card Number (VCN) technology.
Mastercard has been working on developing virtual card adoption for years, primarily through its VCN platform, although development has also been accelerated as a result of partnerships and and integrations with a diverse network of platform partners.
Mastercard is already partnering with ERP (enterprise resource planning) platforms to deliver VCN-led innovation that automates end-corporate users’ workflows. Other platform partners range from working capital providers to expense tools, meeting and events technology providers, and hotel booking platforms. This has streamlined the implementation of virtual cards into corporate workflows.
On 1 April, banks can enable platform partners that have enrolled in a new program to accelerate the use of embedded consumer-like experiences in commercial payments. Through this new programme, banks will benefit from scalability and have access to more embedded payments opportunities.
New programme benefits
Meanwhile, platform partners will benefit from the ability to offer embedded payments with reduced integration effort, and corporate users will benefit from an easier, consumer-like payment experience with fewer clicks.
Additionally, corporate employees increasingly expect the consumer-like payment experiences they are accustomed to when making payments in everyday life. Mastercard is meeting this demand by simplifying the process by embedding VCN technology into the systems that corporates are already using to make it more efficient and streamlined.
As commercial payments continue to evolve, Mastercard’s new programme will slash lengthy onboarding processes, unlocking efficiency for all VCN ecosystem participants and accelerating VCN usage in an $80trillion serviceable market.
With the introduction of this new programme, participating banks and platform partners no longer need to directly engage with one another, which streamlines the onboarding processes by removing a major barrier to integration. Once integrated, end-corporate users can use VCN technology inside tools they already use daily like their ERP partner, reducing the number of clicks required to complete day-to-day tasks and significantly streamlining existing processes.
Transforming commercial payments
Disparate and dispersed payments systems prevent corporate employees from receiving the consumer-like payment experiences they have come to expect. VCN technology can resolve this, by allowing them to seamlessly complete payments within the systems that they use every day. For example, paying invoices or other expenses with VCNs can be simplified to the click of a button or processed automatically.
Mastercard is simplifying onboarding so participating banks and platform-partners no longer need direct relationships with one another. This approach slashes the onboarding process by eliminating the need for formalities such as contracting, lengthy forms and technical vetting, which typically takes months and sometimes years to complete. This substantially streamlined process empowers corporate end-users to seamlessly utilize VCN technology on systems that they use every day such as HRS and Cvent.
Mastercard’s approach is transforming commercial payments. VCN-driven embedded payments benefit banks, platform partners, and end-corporate users alike, delivering faster, simpler, and more secure payment solutions. By removing barriers to integration, Mastercard is streamlining the onboarding process and accelerating adoption.
