Spend Matters 50/50: Mastercard – A Provider to Watch in 2015

100 companies - 100 days

We announced here and here our two (not ranked) lists: Spend Matters 50 To Know and 50 To Watch firms for 2015/2016. In the first case, this is our view of the 50 solution provider type organisations in the procurement industry that every senior procurement leader should be aware of and understand. The 50 To Watch are the up-and-coming firms  - those with interesting and relatively new solutions for our market. The 50 To Know are the key organisations in our industry that procurement executives need to have on their radar.

Having announced the lists, our US colleagues are now featuring each of the 100 firms in turn with an article giving an overview of each, with some headline Spend Matters thoughts on them. So on this site we will be giving you a brief extract of the US article, plus adding our own comments where we have anything useful to add from a European perspective. Sometimes we do, sometimes we don’t!

Here is what our US colleagues had to say about Mastercard:

"Mastercard’s business solutions offer both companies and banks various products so companies can manage their payables. From its more traditional corporate p-cards to virtual cards, which replace a real card account with a unique virtual card account (VCA) for purchases and payment settlement, MasterCard’s purchasing solutions help businesses control employee spending, disburse payments and more efficiently monitor expenses.

Beyond serving business finance needs with card products, Mastercard recently developed a relationship with Basware. The solution, Basware Pay, uses the traditional credit card infrastructure and the Basware buyer’s approved invoice network to provide suppliers early payments."

There's more here on our US site about Mastercard, while in Europe pretty much everything said in the article is equally relevant. Mastercard is a genuine global business, and indeed their tie-up with Basware is very much driven from this side of the Atlantic. Local regulations in different countries mean that not all their products are the same or applicable everywhere; but clearly procurement folk should be very aware of the firm and their offerings.

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