Mastercard (NYSE: MA) is simplifying and scaling interactions among banks, platforms, and corporates alike by launching a new program to accelerate the adoption of virtual cards.
This transformation is supported by advances in Mastercard’s embedded Virtual Card Number (VCN) technology, which is said to be delivering consumer-like commercial payments.
For decades, Mastercard has enabled Virtual Card Number (VCN) solutions through its VCN platform, in addition “to partnerships and integrations with a diverse network of platform-partners.”
Mastercard is already partnering with ERP (enterprise resource planning) platforms to “deliver VCN-led innovation that automates end-corporate users’ workflows.”
Other platform-partners range from working capital providers to expense tools, meeting and events technology providers, and hotel booking platforms.
This has streamlined the implementation of virtual cards into corporate workflows.
Beginning April 1st, banks leveraging Mastercard VCN technology can enable platform-partners that have “enrolled in a new program to accelerate the use of embedded consumer-like experiences in commercial payments.”
This benefits the banks themselves, platform-partners, and mutual end corporate customers:
- Banks will benefit from scalability and have access to more embedded payments opportunities.
- Platform-partners will benefit from the ability to offer embedded payments with reduced integration effort.
- Corporate users will benefit from an easier, consumer-like payment experience with fewer clicks.
Corporate employees increasingly expect the consumer-like payment experiences they are accustomed to when “making payments in everyday life.”
Mastercard is meeting this demand by “simplifying the process by embedding VCN technology into the systems that corporates are already using to make it more efficient and streamlined.”
As commercial payments continue to evolve, Mastercard’s new program will slash lengthy onboarding processes, “unlocking efficiency for all VCN ecosystem participants and accelerating VCN usage in an $80 trillion serviceable market.”
With the introduction of this new program, participating banking institutions and platform-partners no longer need to directly engage “with one another, which streamlines the onboarding processes by removing a major barrier to integration.”
Once integrated, end-corporate users can use VCN technology inside tools they already use daily like their ERP partner, “reducing the number of clicks required to complete day-to-day tasks and significantly streamlining existing processes.”
Disparate and dispersed payments systems prevent corporate employees from receiving the consumer-like payment experiences they “have come to expect. VCN technology can resolve this, by allowing them to seamlessly complete payments within the systems that they use every day.”
For example, paying invoices or other expenses “with VCNs can be simplified to the click of a button or processed automatically.”
Mastercard is simplifying onboarding so participating banks and platform-partners “no longer need direct relationships with one another.”
This approach slashes the onboarding process by “eliminating the need for formalities such as contracting, lengthy forms and technical vetting, which typically takes months and sometimes years to complete.”
This process empowers corporate end-users to “utilize VCN technology on systems that they use every day such as HRS and Cvent.”
Mastercard’s approach is reportedly “transforming” commercial payments.
VCN-driven embedded payments benefit banks, platform partners, and end-corporate users, “delivering faster, simpler, and more secure payment solutions.”
By removing barriers to integration, Mastercard explained that it is focused on streamlining the “onboarding process and accelerating adoption.”