Mastercard has developed a new tool to make it easier for suppliers to accept virtual card payments.
The Mastercard Receivables Manager, which Mastercard is launching in partnership with B2B digital payments provider Billtrust, consolidates virtual card payments from all issuers so remittance data can be matched automatically to open invoices for easier reconciliation.
This eliminates the need for suppliers to manually capture and enter virtual card details for reconciliation purposes.
The new tool is currently only available in the US, but Mastercard plans to expand to other markets around the world later this year.
Virtual card payments are growing rapidly, with global transactions expected to reach 121 billion annually by 2027, compared with about 28 billion last year, according to Juniper Research.
Mastercard said that the ability for accounts teams to keep up with this growth in virtual payments is a challenge.
“We're bridging the gap between buyers' virtual card preferences and suppliers' acceptance challenges by automating manual processes and transforming the way accounts receivable teams operate,” added Chad Wallace, Mastercard’s global head of commercial solutions.