Mastercard has unveiled its B2B Hub to help SMEs speed up invoice and payment processes with accounts payable and payment automation tools.
According to the firm, a majority of all B2B payments in the US are still made via cheque with manual payment processes. The Mastercard B2B Hub, delivered through card issuers, is an automated solution across cards and automated clearing house (ACH).
Colleen Taylor, EVP of new payments business for Mastercard, says the hub will “improve supplier relationships and accelerate the conversion of B2B payments from paper cheques to electronic payments”.
The hub will first launch in the US later this year with payment processor AvidXchange as its execution partner.
Mastercard will also take a minority stake in AvidXchange as part of its Series F funding round subject to meeting closing conditions.