Mastercard has added account-to-account (A2A) payments functionality to its Track business payment service.
The card giant says the new feature builds on its multi-rail strategy to modernise business payments, solving a persistent pain point for buyers and suppliers.
A2A functionality means firms can exchange data with greater efficiency, with payments across multiple payment rails including Real Time Payments and the ACH in the United States.
James Anderson, EVP, global commercial and B2B solutions, Mastercard, says: ““Today, the vast majority of B2B payments are made through bank account transfers. Extending Mastercard Track Business Payment Service to support these transfers is a step on our way to building out the best and most secure B2B payment network in the world.”
The functionality is already available in the US, with the rest of the world following by the end of 2021. Cross border payments are also set to arrive next year.