B2B Payments

Mastercard Makes Nvoicepay B2B Payments Partnership Official

Mastercard is broadening its partnership with corporate payments firm Nvoicepay by linking corporate customers to Nvoicepay solutions, the companies announced on Thursday (June 21).

Nvoicepay has been working with Mastercard for several years by integrating its InControl for Commercial Payments solution, linking corporate customers with Mastercard virtual card solutions. Now, Mastercard will support the accounts payable solutions provider as it forms additional strategic parterships with top banks.

“In a world that is slowly becoming accustomed to choice and immediacy, businesses too are looking for innovation in how they are paying and getting paid and the processes surrounding it,” said Mastercard Executive Vice President, New Payment Flows, Colleen Taylor in a statement. “By supporting Nvoicepay’s go-to-market plan, we will be able to further transform how enterprise customers do business.”

“We are leading payment automation for the enterprise, and our dynamic management of supplier information removes manual touchpoints across all payments and all ERP systems,” said Nvoicepay Founder Karla Friede in another statement. “Our partnership with Mastercard is a significant milestone as we continue to expand capabilities and meet the needs of complex global enterprises. We are excited to serve Mastercard partner banks and leverage Mastercard’s industry-leading virtual card platform.”

B2B payments are an increasing focus for Mastercard. Last month, the company spoke with PYMNTS about the expansion of its Mastercard Send push payments solution into the B2B payments arena. The company added capabilities for use cases like insurance payouts to small businesses with the solution, while other areas like payroll are also on Mastercard’s radar for B2B payment services.

“On-demand payroll is big,” said Shari Krikorian, senior vice president at Mastercard Worldwide. “It reflects where the world is going in terms of freelance workers and 1099 workers.”

Nvoicepay, meanwhile, has also expanded its footprint. Last month, the firm announced a collaboration with Inspyrus, which integrated Nvoicepay’s B2B payments capability to launch Inspyrus Total Pay that handles invoice processing and payment in a single platform.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 Pay Advances: The Gig Economy’s New Normal, a PYMNTS and Mastercard collaboration, examines pay advances – full or partial payments received before an ad hoc job is completed – including how gig workers currently use them and their potential for future adoption.

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