Mastercard has introduced a new programme to ramp up the adoption of virtual cards, simplifying the interaction between banks, platforms, and corporates.
This move utilises the “latest advances” in Mastercard’s embedded virtual card number (VCN) technology, to support commercial payments.
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Mastercard has been using VCN platform has been at the forefront of virtual card solutions for over decades by collaborating with a diverse network of platform-partners.
These partnerships include integrations with enterprise resource planning (ERP) platforms to automate workflows for end-corporate users, as well as working with capital providers, expense tools, and booking technologies.
With the new programme, banks can leverage Mastercard’s VCN technology, which enables platform-partners to provide embedded consumer-like commercial payments without direct engagement between banks and platform-partners.
Once integrated, end-corporate users can utilise VCN technology within tools they use daily such as ERP systems.
It claims to reduce the number of steps needed to complete tasks and streamlining processes.
This method claims to cut down the onboarding time by removing formalities such as contracting, lengthy forms, and technical vetting.
It aims to offer faster, simpler, and secure payment solutions by enhancing commercial payments, the company stated.
This February, the company introduced Mastercard One Credential, a single, digitally connected payment solution that offers multiple ways to pay, including debit, credit, instalments, and prepaid.
It aims to simplify the payment process for consumers.
