Mastercard Strengthens Ties With Finexio For Supplier Payments

Mastercard and B2B payment network Finexio are entering into a strategic partnership to strengthen their supplier payment offering.

In a press release, Finexio said it will allow customers to pay their vendors using Mastercard-branded virtual cards, part of their broader effort of promoting digital B2B payments in the U.S.

“The electronic payments space is growing at an accelerated rate; however, traditional paper checks remain the primary vehicle used for business payments,” said Finexio CEO Ernest Rolfson in a statement. “In partnering with Mastercard, we are now able to introduce more businesses to the efficiencies of electronic payments.

“We are also excited that our existing clients will realize immediate benefits from Finexio’s new access to Mastercard‘s leading payment technology,” Rolfson added. “Partnerships like this one are integral to Finexio sustaining its growth. Their innovations, such as Mastercard Track and the B2B Hub, are in total alignment with our goal of creating impactful efficiencies within the business payments space.”

Mastercard debuted Mastercard Track last year, a digital platform designed for small and medium-sized businesses to connect buyers and suppliers and facilitate payment. The firm’s B2B Hub tool rolled out in 2017, another effort to migrate companies away from paper checks in accounts payable.

In another statement, Marie Elizabeth Aloisi, Mastercard’s senior vice president of business development for North America, said that U.S. companies’ continued practice of paying vendors via paper check is one “that is fraught with delays and paperwork.”

“Using our products and solutions, businesses can now design efficient and secure payment processes and deliver the choice, transparency and immediacy that their partners demand,” noted Aloisi.

Finexio launched its CredX solution in December, which offers companies a platform through which they can pay their vendor invoices using Mastercard or Visa cards, even if suppliers don’t accept cards. Its expanded relationship with Mastercard demonstrates Finexio’s virtual card push in the supplier payment arena.