Velo and Mastercard (NYSE:MA) today announced a partnership to modernize the $125 Trillion global business payments market. The agreement will see Velo operate as both a Buyer and Supplier Agent for Mastercard’s Track Business Payment Service. Track was built to simplify and automate the exchange of payments-related data between the world’s Buyers and Suppliers - one of the first open loop commercial solutions to do so.
Velo’s flexible, portable, global payments platform will make adoption of the Track services fast and easy. Velo’s Buyers will be able to optimize incentives, spend less time on accounts payable and reduce fraud, while Suppliers will benefit from greater control, efficiency and flexibility. Velo is integrating into the Track ecosystem to enable both bank account and card payments. Track makes it easier for Velo to deliver on its mission to help businesses pay and get paid. Velo will offer Track capabilities by default to all its direct and wholesale clients providing instant scale and flexibility.
“Mastercard Track helps supplier and buyer partners tackle the systemic challenges of business-to-business payments” says James Anderson, Executive Vice President, Commercial Products at Mastercard. “Velo and Mastercard’s partnership positions both companies to vastly improve the way businesses conduct trade at scale.”
Velo’s easily adopted technology, which integrates seamlessly with existing legacy interfaces, helps large corporations optimize their treasury management and helps businesses of all sizes manage their payments with ease and reliability. The Velo team has vast experience in highly secure, reliable, high performance payments industry platform services.
Drew Weinstein, CEO of Velo Payments says “The business payments ecosystem has, up until now, failed to keep up with the advances in global trade and technology. Businesses are starting to embrace the data-driven payments modernization that is needed to reduce cost, complexity and time for domestic and cross-border transactions. With that, Velo’s technology is a perfect complement to Mastercard Track. By working with Mastercard, Velo is looking forward to reshaping global payments and driving world commerce into the future.”
Velo believes the world needs a more effective and transparent payments ecosystem that puts users in full control of their money and data to ensure transactional integrity and to generate operational efficiencies. Velo’s enterprise-grade, configurable software provides the security, scalability and compliance that the largest businesses require.
Velo’s relentless focus on customer experience and data integrity, coupled with proprietary internet and mobile technologies, is enabling the full digitalization and optimization of commercial payments management for large corporations and financial institutions.