Mastercard announced the launch of Mastercard Track, an open-loop business payments system designed to help automate the $125 trillion B2B market between buyers and suppliers. 

Mastercard originally created Track in 2018 as a trade platform to deal with identity, compliance and payment management needs, and developed a permissioned repository with more than 210 million registered entities around the world. 

The company has expanded the service into a collection of business payment tools and services, and will launch the service starting in the U.S. during the first half of 2020. The service payments service currently is in a North American pilot phase with payments optimizer Boos Payment Solutions Inc., payments solutions providers CSI Enterprises Inc. and Total System Services Inc., accounts receivables software providers VersaPay Corp., YayPay Inc. and High Radius Corp. and AvidExchange Inc., an accounts payable automation provider.

"The business world has accelerated, but the payments market that enable it are stuck in neutral — paper checks and manual invoicing need to be scrapped, man-hours need to be applied to more strategic roles and back offices need tools to help streamline operations," James Anderson, executive vice president, commercial products at Mastercard, said in a company release. 

Cover image courtesy of Mastercard.