Mastercard's commercial card spend management solution In Control has been integrated into the accounts payable (AP) automation platform of MineralTree, the companies said in a press release on Thursday (Jan. 17).
The middle-market AP automation solution, Invoice-to-Pay, is integrating the Mastercard tool in an effort to promote the use of virtual commercial cards in accounts payable, MineralTree said. The solution will augment MineralTree's existing solution set, which includes invoice data capture and management, payment approval and execution.
The companies will offer the integrated solution to financial institutions (FIs) so they can link their own corporate customers to the platform, the press release explained, adding that the technology can help businesses convert paper checks to virtual cards.
"Our partnership with MineralTree enables us to provide additional solutions targeted to the middle market," said Mastercard Director of Commercial Partnerships for North America Greg Pastorek in a statement. "MineralTree, integrated with Mastercard, is a great way for financial institutions to offer a product to their clients that eliminates the friction of everyday accounts payable, while driving working capital benefits."
Mastercard has also integrated its In Control solution with Strands' Business Financial Management, a European solution co-developed by Mastercard and Strands to provide cash flow forecasting and financial analysis to small businesses.
Last October, Mastercard announced a partnership with Regal Software to design RegalOne, an application that allows regional and community banks to provide virtual card solutions for their corporate customers. That collaboration similarly involves the integration of Mastercard In Control.
MineralTree, meanwhile, has partnered with Visa in the past to support the adoption of commercial cards in accounts payable. Their tie-up, launched in 2016, saw Visa's Payables solution integrated into MineralTree's AP automation tool.
“People are interested in driving more payments onto their commercial cards, for obvious reasons,” MineralTree CEO BC Krishna told PYMNTS at the time.