In a first of its kind alliance, Boost Payment Solutions (“Boost”) streamlined how Mastercard pays its suppliers worldwide with a one-stop-shop solution for optimized commercial card use and acceptance.

Industry Background

Corporations and their banks are looking to financial technology companies to improve B2B payments by curing the pain points associated with traditional payment methods. While check, wire and ACH remain the dominant payment methods in B2B, the landscape is shifting as a greater number of buyers and suppliers are turning to commercial cards. Many of today’s trading partners see cards as better-suited to complement complex trading terms. Virtual cards are quickly becoming the preferred method of commercial card issuance and acceptance. The rapidly accelerated need for digital solutions has driven significant increases in adoptions over the last two years and is expected to grow by more than 300% by 2026.

AT A GLANCE

It’s anticipated that the global value of B2B virtual card transactions will reach $4.8 trillion in 2026.

84% of Chief Financial Officers say that payment digitization has improved their working capital.

76% of financial institutions are currently working on or plan to work on virtual card solutions for their corporate customers.

THE CHALLENGE

Executive Summary

Mastercard wanted to migrate its payments to suppliers from check and ACH to a Mastercard commercial card product. Prior to engaging Boost in 2015, Mastercard had been paying most of its suppliers via checks, ACH and wires. Managing and processing payments to its vast network of suppliers, which includes facilities management, media, IT, legal, telecommunications, event partnerships and...Read more