Description
According to the latest reports, Mastercard has joined hands with tech-based working capital solutions provider Demica to carry out supply chain finance (SCF) capabilities to its B2B clients.
As per the collaboration, Demica will incorporate its technology platform into Mastercard’s Track Business Payment Service (Track BPS) on a white-level basis. Through this solution, the suppliers would be capable of accessing reverse factoring, approved payable finance, and similar working capital solutions, as well as get enhanced access to what Mastercard considers “competitively priced” early payments.
Mastercard Track was first introduced in 2018 as a platform that connects various B2B networks and procure-to-pay solution providers - including Basware, BirchStreet, Coupa, the Infor GT Nexus Commerce Network, Ivalua, Jaggaer, Liaison Technologies, Tradeshift, and Tungsten Network – all under one roof. This is especially beneficial to sellers across the world, who usually leverage multiple platforms for several buyers.
Its Track BPS service which was introduced in 2020, adds to this with an open circle network that eases and automates the set-up and execution of business payments with the help of multiple payment rails, as well as empowering the exchange of payments-related data.
