Barclaycard Payments has agreed to become a part of the Mastercard Track Business Payment Service, providing its clients with new services at a future point in 2021, according to a Thursday (July 22) announcement emailed to PYMNTS.
The open-loop network streamlines and digitizes the setup and execution of corporate payments by the way of different payment rails, while improving the exchange of payments-related information.
“Our partnership with Barclaycard Payments will work at scale to give businesses a multi-rail experience to manage working capital, get better quality information, improved payment security,” James Anderson, executive vice president of commercial and B2B Solutions at Mastercard, said in the announcement.
Different firms link up with the Mastercard Track Business Payment Service by the way of a payment agent. Barclaycard Payments has agreed to sign onto the service as a suppliers and buyers payment agent. As a result, business clients can solve their receivables and payables hurdles.
The deal builds upon the existing relationship that Barclaycard Payments and Mastercard have for corporate cards.
“This announcement further strengthens our relationship, and I look forward to continuing to drive transformational change across our industry to benefit businesses,” Marc Pettican, president of Barclaycard Payments, said in the announcement.
Mastercard and Barclaycard Payments recently inked a new multi-year deal, making sure they can keep providing “outstanding commercial payment services to businesses around the world,” according to the announcement.
“Barclaycard has been a longstanding partner and we are delighted to be expanding our relationship further, offering new services to make B2B payments work harder, faster and smarter,” Mark Barnett, president of Mastercard Europe, said in the announcement. “We have a mutual goal to give businesses a better way to maintain control, manage cash flow and be more operationally efficient – all things that are incredibly important for companies navigating today’s economic challenges.”
The news comes as Mastercard is teaming with HSBC to provide the latter firm’s corporate clients in the United Arab Emirates with an enhanced B2B payment experience via the Mastercard Track Business Payment Service.