JAGGAER Partners with Mastercard on Newly Launched Mastercard Track™ Platform
RESEARCH TRIANGLE PARK, N.C., Sept. 18, 2018 (GLOBE NEWSWIRE) -- JAGGAER, the world’s largest independent spend management company, has joined Mastercard (NYSE: MA) in its launch of Mastercard Track™, a new trade platform designed to streamline and enhance global commercial business interactions.
Track targets the global B2B market that still relies on manual processes, which generate an estimated $500 billion in annual administrative costs. The platform is powered by a range of Mastercard innovation and B2B assets, from account-to-account and card payment solutions to fraud management, data analytics and payment gateway services.
“JAGGAER has joined this initiative because of our complementary global footprint and our work at the forefront of digital conversion programs, through our industry leading Source to Pay solutions. We have helped companies in a host of industries including manufacturing, healthcare, retail, pharmaceutical, logistics, consumer packaged goods, as well as higher education, manage the types of spend management issues Mastercard is now addressing,” says Robert Bonavito, CEO of JAGGAER.
“Although the consumer payments market has evolved a lot in the last 20 years, B2B payments are still very manual,” says Claire Thompson, EVP Enterprise Partnerships, Mastercard. “In fact, nearly half of all global business transactions – $58 trillion [1]– are still done in paper. By consolidating information and digitizing work-flows, Mastercard Track will deliver easier onboarding of suppliers, more efficient risk management and greater payment visibility.”
Gartner, Inc. has named JAGGAER (Advantage) highest for ability to execute in its 2018 “Magic Quadrant for Strategic Sourcing Application Suites.”* Earlier this year JAGGAER was named as a Leader in Gartner, Inc’s 2018 “Magic Quadrant for Procure-to-Pay Suites.”**
[1] Sources 2016 – Oxford Economics, Euromonitor International, Kaiser Associates, McKinsey Payment Data, Mastercard Internal Analysis
*Gartner, “Magic Quadrant for Strategic Sourcing Suites”, Magnus Bergfors, Patrick Connaughton, Desere Edwards, William McNeill, Kaitlynn Sommers, 1 August 2018
**Gartner, “Magic Quadrant for Procure-to-Pay Suites”, authored by Desere Edwards, William McNeill, Magnus Bergfors, Patrick Connaughton, Kaitlynn Sommers, published 29 May 2018.
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About JAGGAER: Global source to pay spend management solutions
JAGGAER is the world’s largest independent spend management company, with 2,000 customers connected to a network of 3.7 million suppliers in 70 countries, served by offices located in North America, Latin America, throughout Europe, the United Kingdom, Australia, Asia and the Middle East. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking and intelligent workflow capabilities. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and analyzing the market. Our solution suites are trusted by the world’s largest manufacturing, education, health care, retail, consumer package goods, logistics, construction, utilities companies and public service organizations. Additionally, JAGGAER holds 38 patents–more than any other spend management company.
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About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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