Understanding MasterCard’s New SMB Service Network
On name alone, it’s difficult to know what the MasterCard Business Network is all about — a “business network” could refer to a great many things, after all. But in fact, the new platform for MasterCard’s small and medium-sized business partners needs a broad name, because it delivers a broad range of services to SMBs.
Eugene DeSilva, head of SME for MasterCard, explains that the MasterCard Business Network is the company’s best attempt at solving a number of key pain points for smaller firms by delivering a wide range of services. The idea is that, by including management tools for travel and entertainment purchases, expense tracking, and resource procurement, the Business Network will help SMBs feel a little more capable of competing with their corporate counterparts.
In a conversation with PYMNTS.com, DeSilva explains the core mission of the MasterCard Business Network; highlights the benefits to SMBs; and talks about the roadmap for building this platform out in the near future with additional features.
Listen to the full interview with Eugene DeSilva here.
Senior Business Leader
Eugene DeSilva is a Senior Business Leader within the Global Commercial Products Group. He is responsible for developing and implementing a global SME strategy that improves acquisition rates, accelerates activation rates, increases spend and decreases retention rates. Having joined MasterCard Worldwide in April of 2007, Mr. DeSilva brings more than 25 years of financial services experience to the group. He has held various general management, marketing, product development, strategy development and technology positions during his career.
Mr. DeSilva spent 12 years working for American Express in a variety of progressively more senior management roles and built a startup transaction processing division to $200MM in annual revenue in three years. After leaving American Express, Mr. DeSilva joined a division of Canadian Imperial Bank of Commerce (CIBC) as part of their senior management team responsible for building a global internet bank. In a three year period, the division launched four co-branded internet banks and acquired over 1MM customers. Mr. DeSilva was also responsible for building an ancillary startup outsource management division where he grew annual revenue to $75MM in three years. He left CIBC and joined easyInternetcafe LTD, a division of Easy Group, to transform a global internet café company into a global internet café franchisor. In six months, he reorganized the company, significantly reduced losses and sold 50 global franchise licenses.
Mr. DeSilva holds a Masters of Business Administration degree with a dual major (Finance and MIS) from Fordham University Graduate School of Business and a Bachelor of Science degree from Fordham University College of Business Administration.