Payments technology firm Priority Technology Holdings, Inc. on Wednesday (March 2) joined the Mastercard Track Business Payment Service to improve its business-to-business (B2B) payment solutions, according to a joint press release.
The Mastercard Track Business Payment Service “automates payments-related data exchange between buyers and suppliers,” per the release, and “helps businesses increase simplicity, flexibility and efficiency” to find the best option to pay or get paid for every invoice across multiple payment rails.
“We are thrilled to be expanding on our successful partnership with Mastercard,” Stephen Tackett, executive vice president and head of the B2B division for Priority, said. “Mastercard Track delivers immense value to both buyers and suppliers by simplifying and automating the exchange of payments-related data while cutting costs and reducing complexity and risk for businesses.”
With the Mastercard Track integration, Priority’s partners will be able to use virtual cards in a similar fashion to how they use direct deposit. Additionally, suppliers on Mastercard Track get “enhanced remittance” that’s standardized and automated, so there’s no more need to manually extract payment details and remittance data.
“We’re seeing a paradigm shift happening in the B2B payments landscape and Mastercard is working at scale to offer a choice for suppliers and buyers to optimize the best payment option to pay and get paid,” said Marie Elizabeth Aloisi, executive vice president of commercial solutions for Mastercard. “With Mastercard Track and through collaborations like this one with Priority, we’re delivering on our mission to make B2B payments work for everyone.”
In January, Priority Technology Holdings also partnered with Procurement Partners to integrate the Priority Commercial Payments Xchange (CPX) into Procurement Partner’s eProcurement platform.
Related: Procurement Partners, Priority Launch New AP Tool
The platform will streamline accounts payable (AP) solutions for more than 100 healthcare organizations and more 200 integrated vendors servicing close to 2,000 U.S. healthcare facilities.
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