MasterCard has inked a new partnership in Asia Pacific with Priority B2B, targeting issuing banks to grow and deepen their commercial payment portfolios.
The three goals of the deal is to:
• Providing expertise on commercial payment systems – allowing the issuer’s customers to better understand commercial payment solutions and the relevance to their business
• Implementation support for commercial payment systems – supporting the issuer’s customers and their supplier network with the establishment of commercial payment systems
• Engagement campaigns for suppliers – educating the wider supplier network on the benefits of commercial payment solutions
According to a McKinsey study on global payments, commercial payments are expected to grow faster than retail payments as businesses expand their customer and supplier networks around the world, driven primarily by the growth of cross-border, B2B transactions. By using commercial payment solutions such as virtual account programs, businesses can establish seamless digital payment systems that enables them to operate more efficiently across multiple markets, with the potential to increase billing volume and revenues.
In Asia, the partnership will build on the existing and thriving relationship between MasterCard and Priority in the USA. Priority B2B provides a seamless bridge between buyers and suppliers to maximize automation and create new revenue streams utilizing card and other innovative payments solutions.
Priority is the premier outsource payments partner for supplier enablement programs with a portfolio of versatile products and payments technologies that supports both global institutions and corporations.
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.