A new scheme was launched to accelerate the use of virtual cards in commercial payments

Accelerate by initiating a new projectVirtual cardThe introduction of the MasterCard is simplifying and expanding interaction between banks, platforms and enterprises. This shift has benefited from the latest technological advances in the MasterCard embedded virtual card (VCN), which provides a seamless and consumer-like business payment experience.

Over the decades, the MasterCard has pioneered virtual card solutions through its VCN platform, in addition to building partnerships and integration with a diverse network of Platform partners. At present, the MasterCard is working with the ERP (Enterprise Resource Planning) platform to automate processes for end-users of enterprises by providing VCN-driven innovation services. Other platform partners range from mobile capital providers to cost-management tools, conference and technology providers and hotel reservation platforms, making virtual card integration more smooth in business workflows.

Starting on 1 April, banks using MasterCard VCN technology can enable platform partners joining new projects to accelerate the use of embedded, consumer-like payment experiences. This benefits the Bank itself, the Platform partners and common corporate clients:

Banks will benefit from the size effect and will have more embedded payment opportunities.
Platform partners can provide embedded payment services with low integration efforts.
Business users will enjoy a more accessible, consumer-like payment experience and reduce operational steps.
As commercial payments evolve, the new MasterCard project will significantly shorten the lengthy start-up process, release efficiencies for all VCN ecosystem participants and accelerate the use of VCN in a $8 trillion service market.

With the introduction of this new project, the participating banks and Platform partners no longer need to interact directly to simplify the process by removing an important integration barrier. Once integration has been completed, end-users of enterprises can use VCN technology in day-to-day tools (e.g. ERP partners), reduce the number of hits required to perform their daily tasks and significantly optimize existing processes.