Mastercard (NYSE: MA) and BMO announced an expansion of BMO’s Global Money Transfer service, powered by Mastercard Move’s global money movement capabilities.
With the addition of destinations and currencies, BMO’s Canadian personal banking clients will be able to “reach family and friends in nearly 70 destinations across Europe, the MEA, Asia Pacific, Latin America and the Caribbean.”
BMO Global Money Transfer is said to be a part of its “everyday banking services, supporting clients’ worldwide financial needs with security and 24/7 access through its Mobile Banking app.”
Mastercard Move enables financial institutions and their customers to easily send money “to over 200 destinations in over 150 currencies, reaching over 10 billion endpoints, including bank accounts, mobile wallets, cards, and pick up locations, quickly, conveniently, and securely.”
The Mastercard-BMO collaboration deepens “both companies’ commitments to powering secure and cost-effective solutions to meet the growing demand for international payment solutions for Canadians.”
Remittances remain vital for many in developing destinations, where funds are used to “support family education, property payments, and other critical expenses.”
Through Mastercard Move, BMO clients can send money “directly to the recipient’s bank account without worrying about hidden fees or deductions.”
In a competitive remittance narket, Mastercard’s “technology and scale continue to set it apart.”
The company’s expertise in running large networks, franchises and national payment infrastructure “ensures that its customers remain ahead of the curve as end user needs continue to evolve.”
The expansion of its collaboration with BMO represents “another step in Mastercard’s investments in this space, while allowing the bank to serve its everyday banking clients in diverse Canadian communities.”
Mastercard is modernizing supplier reconciliation and “streamlining virtual card payments with several new enablers.”
Today, it’s launching widescale “global availability of Mastercard Receivables Manager, its automated solution that makes virtual cards more efficient, secure and cost-effective for businesses to accept.”
To give payment service providers greater flexibility in how they offer B2B payment innovations, Mastercard is also “introducing Commercial Direct Payments, a straight-through processing solution that fully automates virtual card payments and reconciliation.”
Together, the expanded offerings deliver a better B2B payment experience for both buyers and suppliers ‘at an opportune time when embracing the digitization of commercial payments is moving from optional to essential.’
According to a global Mastercard survey, “93% of B2B suppliers shared that digitizing payment processes is a top priority for their business, while two thirds still acknowledge regularly falling short of buyer payment expectations.”
Empowering suppliers with enhanced virtual card acceptance
Since its launch just two years ago, Mastercard Receivables Manager has been levelled up with “capabilities such as multi-language and secure card-on-file to support digital commerce around the world.”
Now available globally, acquiring partners “are embracing the innovation to modernize supplier virtual card acceptance experiences across major card networks and help customers strengthen buyer-supplier relationships.”
Elavon and Run Payments are among the payment providers in the United States offering Mastercard Receivables Manager to “address manual processing and reconciliation challenges – which some 42% of suppliers across the nation note as top barriers to acceptance.”
EazyPay is also reportedly one of the first acquiring partners in the Middle East to offer the solution to “transform accounts receivable workflows for their customers in Bahrain.”
The next wave of B2B payment advancements are here – and many payment service providers “are embracing it.”
Commercial Direct Payments is a new card network-agnostic solution that powers “accounts receivable automation for suppliers, and optimizes digital payment opportunities for buyers increasingly looking to pay by card.”
When the buyer initiates a card payment, Commercial Direct Payments enables it to be processed directly “with the supplier’s acquirer – eliminating all manual steps for making and receiving payments.”
The funds are automatically “deposited into the supplier’s account and the detailed remittance data can be seamlessly integrated into the AR workflow.”