Mastercard is launching a new program aimed at integrating embedded virtual card technology into commercial payments.
Starting in April, banks utilizing Mastercard’s Virtual Card Number (VCN) technology will be able to enable platform partners enrolled in this program, facilitating the adoption of consumer-like experiences in commercial transactions.
By incorporating VCN technology into existing corporate systems, Mastercard intends to enhance payment efficiency and streamline processes. The program is designed to minimize lengthy onboarding periods, improve operational efficiency for all participants in the VCN ecosystem, and accelerate VCN usage within an $80 trillion serviceable market.
Banks and platform partners will no longer need direct interactions, simplifying the onboarding process. Once integrated, end-users can utilize VCN technology within familiar tools, such as their ERP systems, which reduces the number of steps required to complete everyday tasks.
Mastercard highlights that this initiative will benefit banks through increased scalability and greater access to embedded payment opportunities, allow platform partners to offer embedded payments with less integration effort, and provide corporate users with a consumer-like payments experience.