Mastercard has furthered its ties to Microsoft with the introduction of its Mastercard Track platform on Azure. Working in collaboration with Microsoft, the global payments giant will power its platform with Azure, allowing an efficient automated procure-to-pay system.
Mastercard Track is a B2B platform that connects suppliers and customers with financial institutions, networks, and providers. Using the platform, users can manage compliance, payments, and identity across networks.
“While there have been great improvements and innovations in the way consumers pay, the global B2B space remains highly inefficient and paper-based”, said Michael Froman, vice chairman and president of strategic growth at Mastercard.
“This adds hundreds of billions of dollars of costs and burdensome delays to global trade. Mastercard Track is a tool that will help reduce frictions in the global trading system and promote increased exports – especially by small and medium-sized businesses.”
On Microsoft's end, the company says integrating Mastercard Track into Azure will help the platform become more secure and meet compliance demands:
“Together with Mastercard, we're helping companies around the world accelerate the pace of their own transformation by creating a more efficient buying and selling process at scale,” said Peggy Johnson, executive vice president, Microsoft.
“By building Mastercard Track on Azure, Mastercard will be able to take advantage of our stringent security and compliance standards, our global footprint and our intelligent cloud solutions to help organizations of all sizes drive value from the back-office to the front of the enterprise.”
Microsoft and Mastercard have been getting closer in recent weeks. Last month, Microsoft Pay gained an integration from Masterpass, Mastercard's digital walled service. It is worth remembering that Microsoft Pay is still a limited service, only available on the Edge browser for Windows 10.