Mastercard lines up B2B payments partners

Dive Brief:

Card network Mastercard has partnered with health technology platform Remedinet to offer a business-to-business medical claim payment system that will begin at an unnamed financial institution in India, the card network announced Thursday. With the service, Mastercard generates virtual cards issued by financial institutions to pay approved medical claims.
“Around the world, we’ve been working closely with healthcare organizations to better serve their partners and patients with a range of products and services well-tuned to drive simplicity, convenience and efficiency in payments and beyond,” Raja Rajamannar, president of healthcare at Mastercard, said in the statement.
In another recent Mastercard B2B development, payments and invoicing company TreviPay said it has linked with Mastercard in a first-time partnership. Suppliers accepting Mastercard can extend trade credit financing and invoicing to business buyers through TreviPay’s service, tapping the card network’s commercial card capabilities.

Dive Insight:

With its new healthcare payments service, Purchase, New York-based Mastercard aims to speed up the time for hospitals and other specialty providers to receive payment, a process that typically takes months to complete.

Using virtual cards within Remedinet’s platform also allows detailed transaction data to come through for each bill paid with a virtual or branded Mastercard, the press release said.

“We’re on a mission to integrate our technology into platform providers to drive seamless B2B payment experiences at greater scale,” Chad Wallace, global head of commercial solutions at Mastercard, said in the company’s Thursday release. “As we assessed industries where we can contribute with impact, healthcare emerged as a critical industry to unlock payment efficiencies.”

Mastercard’s recent collaborations follow the company’s rollout of its B2B virtual card tool last July. The card network enlisted the help of B2B payments software firm Billtrust to create a receivables service that lets companies accept and process virtual card payments.