Businesses have to navigate the increasingly complex global supply chains, and that’s costing them a lot. According to Microsoft and Mastercard, it’s costing them $500 billion a year.
In order to help shrink these costs, the two companies have partnered up and announced a “first-of-its-kind” global B2B platform called Mastercard Track.
Initially, Mastercard will partner with nine B2B networks: Basware, Birchstreet, Coupa, GT Nexus, Jaggaer, Ivalua, Liaison, Tradeshift and Tungsten.
These will roll out Track’s identity, compliance and payment management capabilities to buyers and suppliers. And as of early next year, network customers will be able to maintain, retrieve and exchange key information relating to themselves and their trading partners through the Track Trade Directory.
The directory is a “secure, permissioned repository of over 150 million company registrations worldwide”. It will integrate feeds from 500+ compliance lists, helping supplier screening and onboarding more efficient.
“When I would travel talking to governments about their priorities, trade facilitation and the promotion of small- and medium-sized businesses were key factors helping to drive growth and create jobs in their economies,” said Mastercard’s president of strategic growth Michael Froman,
He told MarketWatch that he expects Mastercard Track to be “very attractive to governments, ports, and trade-promotion ministries all over the world.”
Image Credit: Håkan Dahlström / Flickr