Priority Integrates Mastercard Track™ Business Payment Service to Enhance the Exchange of Payments Data

Rhea-AI Summary

Priority Technology Holdings (NASDAQ: PRTH) has announced its integration with Mastercard Track™ Business Payment Service to enhance its B2B payment solutions. This partnership aims to automate payments-related data exchange, boosting efficiency for buyers and suppliers. With this integration, virtual cards will operate like a direct deposit, providing standardization and automation in remittance. The collaboration is poised to simplify the payment process, cutting costs and risks while delivering innovative solutions to the market.

Positive

• Integration with Mastercard Track enhances B2B payment solutions.
• Automation of payments-related data exchange improves efficiency for buyers and suppliers.
• Virtual cards provide a direct deposit-like experience, simplifying payment processes.

Negative

• None.

New partnership drives modernization of B2B Payments between buyers and suppliers

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading payments technology company helping customers collect, store, and send money, has announced participation in Mastercard Track™ Business Payment Service to enhance its B2B payment solutions.

One of the first open-loop B2B commercial networks, Mastercard Track Business Payment Service automates payments-related data exchange between buyers and suppliers. Consisting of a portfolio of B2B solutions, Mastercard Track helps businesses increase simplicity, flexibility, and efficiency, optimizing the best option of paying or getting paid for every invoice across multiple payment rails.

With the new integration, Priority’s partners will benefit from an enhanced payment experience that allows virtual cards to function similar to a direct deposit experience. When payments flow through Mastercard Track, suppliers will also receive enhanced remittance in a standardized and automated way, eliminating the need to manually extract payment details and remittance data.

“We are thrilled to be expanding on our successful partnership with Mastercard,” said Stephen Tackett, Executive Vice President and head of the B2B division for Priority. “Mastercard Track delivers immense value to both buyers and suppliers by simplifying and automating the exchange of payments-related data while cutting costs and reducing complexity and risk for businesses.”

”We’re seeing a paradigm shift happening in the B2B payments landscape and Mastercard is working at scale to offer a choice for suppliers and buyers to optimize the best payment option to pay and get paid,” said Marie Elizabeth Aloisi, Executive Vice President of Commercial Solutions for Mastercard. “With Mastercard Track and through collaborations like this one with Priority, we're delivering on our mission to make B2B payments work for everyone."

Priority’s integration with Mastercard Track will continue to bring best-in-class payment solutions to the market while uniting buyers and suppliers.

About Priority Technology Holdings, Inc.

Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220302005270/en/

Whitney Sellers

(229) 588-8354

Source: Priority Technology Holdings, Inc.

FAQ

What is the new partnership announced by Priority Technology Holdings?

Priority has partnered with Mastercard to integrate Mastercard Track Business Payment Service for enhancing B2B payment solutions.

How will Priority's partnership with Mastercard benefit its partners?

The partnership will automate payments-related data exchange, leading to improved efficiency and a better payment experience.

What does Mastercard Track offer to businesses?

Mastercard Track provides a portfolio of B2B solutions that simplifies and automates payments, optimizing payment options for invoices.

What is the stock symbol for Priority Technology Holdings?

The stock symbol for Priority Technology Holdings is PRTH.