MasterCard Announces Partnership with Priority B2B to Enhance Commercial Payments Ecosystem in APAC
MasterCard announced a new partnership in Asia Pacific with Priority B2B, a leading provider of payment processing services and related technology solutions, aimed at enabling issuing banks to further develop their commercial payment portfolios.
The partnership will give MasterCard’s issuing bank partners access to capabilities that will allow them to enhance engagement with their customers, resolving common challenges experienced by customers in commercial payment solutions.
The partnership will be featured in the following ways:
- Providing expertise on commercial payment systems – allowing the issuer’s customers to better understand commercial payment solutions and the relevance to their business;
- Implementation support for commercial payment systems – supporting the issuer’s customers and their supplier network with the establishment of commercial payment systems; and
- Engagement campaigns for suppliers – educating the wider supplier network on the benefits of commercial payment solutions
Philip Glickman, head of Commercial Product Solutions, Asia/Pacific, MasterCard said, “In today’s business climate, multi-market operations are the norm for any business, no matter what size. As such, many businesses are innately aware that there are multiple benefits to commercial product solutions, whether in extending working capital life cycles or providing overall procurement efficiencies. However, while businesses may realize those benefits for themselves, they often face resistance and difficulties in convincing their suppliers of the same. This results in lost opportunities and sunk investments in their commercial card solutions.”
Philip added, “With this partnership, we are able to provide not just a solution to corporate payment needs but also services that extend to the entire supply chain. Many suppliers still hold on to traditional forms of payments like cash, which not only creates huge costs for businesses but causes significant losses over time. As businesses look to establish or expand their digital payments systems, the partnership will also help provide the expertise and execution of supplier engagement campaigns and help suppliers get on board with commercial product solutions and realize the benefits of digitizing payments.”
According to a McKinsey study on global payments, commercial payments are expected to grow faster than retail payments as businesses expand their customer and supplier networks around the world, driven primarily by the growth of cross-border, B2B transactions. By using commercial payment solutions such as virtual account programs, businesses can establish seamless digital payment systems that enable them to operate more efficiently across multiple markets, with the potential to increase billing volume and revenues.
“We’re excited to continue to expand our platform through an international partnership with MasterCard. We believe that the commercial payments landscape is poised for adoption and that Priority is uniquely positioned to help customers meet their growing needs for AP automation.” said David McMiller, President of Priority B2B Commercial Payments Division.
In Asia, the partnership will build on the existing and thriving relationship between MasterCard and Priority in the USA. Priority B2B provides a seamless bridge between buyers and suppliers to maximize automation and create new revenue streams utilizing card and other innovative payments solutions. Priority is the premier outsource payments partner for supplier enablement programs with a portfolio of versatile products and payments technologies that supports both global institutions and corporations.
The service was first made available earlier this year in Australia and Singapore, and will expand across the Asia Pacific region in the coming months.