Mastercard and the Italian division of Piteco have entered into a strategic partnership to offer a modern B2B payment method in Italy and around the world. This new service is called Mastercard Track Business Payment Service and is immediately available to all Italian business customers, pending that it will also be made operational in other markets.
What Mastercard Track Business Payment Service offers
Going into details, Mastercard Track Business Payment Service enables businesses to streamline the way they issue or receive payments across a global open-loop network which ensures better management of B2B payments. This solution is made possible thanks to a constant exchange of data and the ability to automate payments efficiently, regardless of the channel used.
Mastercard Track Business Payment Service is the first B2B platform of this type in Italy and able to manage payments jointly with the management of e-Procurement processes. Integration with Piteco will offer many tangible benefits for suppliers and buyers such as improved working capital, greater efficiency and more accurate management of cash flows.
“The current corporate payments system has many complexities and inefficiencies, further exacerbated by the Coronavirus pandemic. With the goal of identifying a solution that can satisfy our partners and their customers, we are committed to driving change through a multi-channel platform such as Mastercard Track™ Business Payment Service and new collaborations in the industry”. said Michele Centemero, Country Manager Italy of Mastercard. “Our partnership with Piteco allows us to make the Mastercard Track™ corporate payment service available to companies that want to get their business off the ground in complete safety, seizing the opportunities associated with better cash flow management and the digitization of back office”.
“The use of a Treasury Management System is increasingly focal for the effective management of corporate payment processes”, declared Paolo Virenti, CEO of Piteco. “The partnership with Mastercard reflects Piteco’s willingness to invest and help create innovative payment solutions, providing companies with new recruits and international solutions to achieve cash flow objectives, with a constant focus on elements of security, traceability and control typical of our solutions. We are very happy to be the first in Italy to have started a technological partnership with a group like Mastercard for the Mastercard Track Business Payment Service: for Piteco this is an important strategic evolution, which will allow us to position ourselves as enablers of innovative solutions and unique on the market and to further enrich the services offered to companies”.
Last November, Mastercard brought in the service Mastercard Track Business Payment Service the possibility of payment by international card and the A2A (Account to Account) functionality in the United States, achieving high scalability globally. Finally, there will be important innovations also during this year.
