JAGGAER has joined MasterCard in its launch of MasterCard Track, a new trade platform designed to streamline and enhance global commercial business interactions. Track targets the global B2B market that still relies on manual processes, which generate an estimated $500 billion in annual administrative costs. The platform is powered by a range of MasterCard innovation and B2B assets, from account-to-account and card payment solutions to fraud management, data analytics and payment gateway services.
“JAGGAER has joined this initiative because of our complementary global footprint and our work at the forefront of digital conversion programs, through our industry leading Source to Pay solutions. We have helped companies in a host of industries including manufacturing, healthcare, retail, pharmaceutical, logistics, consumer packaged goods, as well as higher education, manage the types of spend management issues MasterCard is now addressing,” says Robert Bonavito, CEO of JAGGAER.
“Although the consumer payments market has evolved a lot in the last 20 years, B2B payments are still very manual,” says Claire Thompson, EVP Enterprise Partnerships, MasterCard. “In fact, nearly half of all global business transactions – $58 trillion – are still done in paper. By consolidating information and digitizing work-flows, MasterCard Track will deliver easier on boarding of suppliers, more efficient risk management and greater payment visibility.”