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- Bank of Montreal (NYSE:BMO) and Moneris Solutions partner with Mastercard (NYSE:MA) Track Business Payment Service, a business-to-business payments service available to Canadian customers in early 2022.
- Mastercard Track automates and enhances the execution and management of B2B payments and the exchange of payments-related data between buyers and suppliers. "It offers supply chain finance solutions and provides greater control over payments to overcome inefficiencies in the current ecosystem," the company said.
- Through the service, BMO (BMO) and Moneris can modernize business payments for their customers by reducing complexity and risk, cutting costs, and automating processes, Mastercard (MA) said. That enables buyers to improve working capital, use resources more efficiently, and improve relationships with suppliers.
- The move highlights banks' continued efforts to harness technology to make financial transactions more efficient.
- Last year, Mastercard (MA) acquired Arcus FI to support real-time payments in Latin America