Mastercard (NYSE:MA) today introduced Mastercard Track™ in collaboration with Microsoft (NASDAQ:MSFT). Track is a unique global trade platform that will simplify and enhance how companies around the world do business with each other.
While parts of the B2B process have been digitized, large and costly gaps still remain – an estimated $500 billion in annual administrative costs and rising1. These costs are added to the inefficiency of the nearly half of all global business transactions – $58 trillion2 – that are still done in paper.
Mastercard Track will address these fundamental challenges by further streamlining and automating the procure-to-pay-process – enabling businesses to manage business identity, compliance and payments in a more efficient way…
“Aon is excited to collaborate with Mastercard to help businesses address risks in the global B2B procurement marketplace – from operational inefficiencies and expenses to compliance concerns. Aon looks forward to designing value added services for Track users, including offering insurance solutions to protect against losses associated with B2B transactions, and harnessing our data and analytic services across the Track platform.” – Jason Hogg, CEO, Aon’s Cyber Solutions
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