The new solution aims to simplify B2B payments and provide businesses with enhanced working capital management advantages, the companies said in a Tuesday (Nov. 21) press release.
“We are delighted to be partnering with Mastercard, doubling down on our commitment to transform the world of global trade and commerce by bringing our customers a fully embedded working capital management solution that prioritizes the customer experience,” Taulia Chief Product Officer Danielle Weinblatt said in the release.
By integrating with SAP enterprise resource planning (ERP) solutions, Taulia Virtual Cards enables corporates to streamline payment-related tasks, according to the release.
The partnership between Taulia and Mastercard also brings together two major banks, Degussa Bank and HSBC, to participate in the solution, the release said. Taulia customers will benefit from their existing issuer relationships, allowing them to deploy virtual cards and extend the benefits offered by their own banks through Taulia.
Via the collaboration, Taulia can generate virtual cards through Mastercard upon request, per the release. This provides time and cost savings for corporates seeking consumer-grade user experiences in their enterprise platforms.
By tightly integrating the virtual card experience, businesses gain greater spend control and more options to pay suppliers efficiently, according to the release. On the other end, suppliers have improved cash flow and enhanced visibility, reducing friction across B2B transactions.
“Fragmented B2B payment practices have held businesses back for too long,” Rebecca Meeker, senior vice president of global partnerships and segments at Mastercard, said in the release. “Virtual cards accelerate automation and support cash flow through increased access to working capital, which is why Mastercard is thrilled to work with Taulia and its banking partners to extend the benefits of virtual cards while prioritizing customer experience.”
PYMNTS Intelligence found that there is a growing recognition among businesses of the simplicity and security offered by virtual cards compared to outdated methods like paper checks.
The rising global value of virtual card transactions is expected to grow from about $2 trillion to $6.8 trillion by 2026, according to the “B2B Digital Payments Tracker®,” a PYMNTS and American Express collaboration.
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