Mastercard is on the road to simplifying as well as scaling up interactions among banks, corporates, and platforms alike through launching a new program so as to speed up the virtual card adoption. This transition happens to be powered by the latest advances within the cards embedded virtual card number – VCN technology that happens to be delivering seamless and consumer-like commercial payments.
It is well to be noted that for decades, Mastercard has, in fact, pioneered virtual card number – VCN solutions by way of its VCN platform, apart from partnerships and integration with a diverse and varied network of platform partners.
Mastercard already happens to be partnering with enterprise resource planning platforms in order to deliver VCN lead innovation, which automates the workflow of end corporate users.
There also happen to be other platform partners that range from being working capital providers to expense tools as well as meeting and events technology providers to hotel booking platforms. All this has gone on to streamline the execution of virtual cards into the corporate workflows.
Starting April 1, 2025, banks leveraging Mastercard VCN Technology can help platform partners who have enrolled in a new program to speed up the usage of embedded consumer-like experience when it comes to commercial payment. This, in a way, benefits the banks themselves as well as the platform partners along with mutual end corporate customers.
- Notably, the banks will benefit from scalability and are going to have access to a more embedded payment opportunity.
- When it comes to the platform partners, they will benefit from the ability to go ahead and offer embedded payments with decreased integration effort.
- As far as the corporate users are concerned, they will benefit from a much easier, consumer-like payment experience, having very few clicks.
There is indeed no shred of doubt that corporate employees anticipate the consumer-like payment experience that they are accustomed to when it comes to making payments in everyday life.
Mastercard happens to be meeting this demand by way of simplifying the process through embedding vision and tech within the system that corporates are already making use of so as to make it more efficient as well as streamlined. As the commercial payments continued to take shape, Mastercard’s new program will decrease the lengthy onboarding process, thereby unlocking efficiency for three entire VCN ecosystem participants and also speeding up the VCN usage in an $80 trillion serviceable segment.
Due to the introduction of this new program, participating banks as well as platform partners will no longer need to directly engage with one another, which itself streamlines the onboarding process by way of eradicating a crucial barrier in terms of integration.
Once the integration is done, end corporate users can make use of recent technology within the tools they are already using on a daily basis, such as their ERP partner, decreasing the number of clicks that are required to complete day-to-day tasks and at the same time prominently streamlining the existing procedure.
Consumer-Like Experience
Payment systems that are disparate and dispersed happen to prevent corporate employees from getting the consumer-like payment feel they have come to expect. VCN technology can very well resolve this by enabling them to complete the payment in a seamless way within the systems that they are using on an everyday basis.
For instance, paying invoices as well as other expenses with the use of VCN can get simplified to the click of a button or can even be processed automatically.
Onboarding That Is Fast and Frictionless
Mastercard happens to be simplifying the onboarding process so that participating banks as well as platform partners no longer require a direct relationship with one another. This approach cuts down on the onboarding procedure by way of eradicating the requirements for formalities like lengthy forms and contracting as well as technical vetting, which typically go on to take months of time and sometimes even years to complete. This kind of substantially streamlined procedure helps corporate end users to go ahead and seamlessly make use of VCN technology and systems on a daily basis, such as Cvent & HRS.
Marching Forward
The approach of Mastercard is indeed transforming the way commercial payments take place. VCN-driven embedded payments, undoubtedly, benefit platform partners and banks as well as corporate users through delivering a much faster, simpler, and more secure payment solution.
