Mastercard is expanding its B2B payments offering with the global launch of Mastercard Receivables Manager and the introduction of Commercial Direct Payments, both aimed at improving virtual card acceptance and supplier reconciliation.
Receivables Manager, now available worldwide, helps businesses simplify and automate how they accept virtual card payments.
The tool, first launched two years ago, now includes multi-language support and secure card-on-file capabilities.
It is being adopted by partners such as Elavon and Run Payments in the U.S., and EazyPay in Bahrain, one of the first acquirers in the Middle East to offer the solution.
According to Mastercard, 42% of U.S. suppliers cite manual processing and reconciliation as key challenges in accepting virtual cards.
Commercial Direct Payments is a new straight-through processing solution that allows buyer-initiated virtual card payments to be routed directly to the supplier’s acquirer, eliminating manual steps.
Funds are automatically deposited, and remittance data is integrated into accounts receivable systems.
The product enables issuers and acquirers to connect through Mastercard’s single integration point, facilitating the flow of standardised, secure payment data.
It is initially available in the U.S., with Sakon as the first customer.
A recent Mastercard survey found that 93% of B2B suppliers consider digitising payments a top priority, though two-thirds say they still fall short of meeting buyer expectations.
“Businesses today expect simple, secure, and seamless ways to pay and get paid – with many turning to virtual cards to meet those expectations.
To support our clients wherever they are on their modernisation journey, we’re thrilled to bring to market another simple path to receivables automation, and to fuel the consumerisation of B2B payments around the world in the process.”
said Marc Pettican, Global Head of Corporate Solutions, Mastercard.
Featured image: Edited by Fintech News Singapore, based on image by gesrey via Freepik
