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How Mastercard and OpenText are set up to transform business payments

OpenText has announced a major new partnership with Mastercard, which it hopes will eliminate many of the business payments throughout the supply chain.

The software giant will work with the global payment firm on a number of new products and platforms to enable businesses of all sizes to ensure that their transactions remain safe and protected.

"We think this is an incredible partnership to bring new payments, new cash management, a new source of financing," said Chris Barrenechea, CEO of OpenText at the recent Enterprise World event in Toronto.

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track

The collaboration forms the core of Mastercard Track, a new uniform payment platform that gives companies more clarity about their partners, customers and customers.

Track builds a directory of 200 million companies around the world and lets companies search for their next major collaboration. It will also serve as a single, safe and reliable place to manage bank accounts, view expected payments and track credit risk & even potentially negative media coverage that can affect payments.

The service will initially be available through the OpenText auto identity network, consisting of around 200,000 auto parts suppliers around the world, meaning that customers can compile, pay and track invoices faster than ever, which is often an incredibly complex delivery simplifies chain.

The partnership should also help reduce the risk of transactions going over the network, allowing suspicious payments or requests to be flagged by OpenText ' s digital authentication and authorization services.

The acquisition of Vocalink by Mastercard a few years later meant the intention to go to the B2B space, and the company says the OpenText partnership is the next step in this journey.

"In recent years we have acknowledged that many things that are needed in the consumer space, such as alignment and identity, payment, facility, financing, etc., also exist in the B2B space", Carlos Menendez, Mastercard president of enterprise partnerships TechRadar Pro at Enterprise World.

"What we want to take into account is that the payments are facilitating and reconciling, the directory of who you are dealing with, and becoming a member of these two."

"When we entered the B2B space … of course we started making payments, but when we came in and got deeper and deeper, we realized that there are so many other unmet needs, and B2B is still very fragmented," Claire Thompson , executive vice president of enterprise partnerships with Mastercard added.

"There is a lack of interoperability and there is a patchwork of processes, making it so far removed from the consumer experience that we all enjoy today."

"We quickly realized that there is a lack of confidence in the B2B space because of this inefficiency, by really understanding who you are trading with, who your trading partners are with, and being able to trust them."

"We saw a very natural opportunity and a great strategic fit to work on with OpenText."

The new platform will be launched worldwide in January 2020.

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