Mastercard is launching a programme designed to bring embedded virtual card technology to commercial payments.
From April, banks using Mastercard's Virtual Card Number (VCN) technology can enable platform-partners that have enrolled in the new programme to accelerate the use of embedded consumer-like experiences in commercial payments.
By embedding VCN technology into the systems that corporates are already using, Mastercard says it will make payments more efficient and streamlined. The programme, it claims, will help slash lengthy onboarding processes, unlock efficiency for all VCN ecosystem participants and accelerate VCN usage in an $80 trillion serviceable market.
Participating banks and platform-partners will no longer need to directly engage with one another, streamlining the onboarding processes. Once integrated, end-corporate users can use VCN technology inside tools they already use daily like their ERP partner, reducing the number of clicks required to complete day-to-day tasks.
Mastercard says the programme benefits banks who get scalability and access to more embedded payments opportunities, platform partners who get to offer embedded payments with reduced integration effort, and corporate uses who get the consumer-like payments experience.