OpenText and Mastercard Team Up

OpenText and Mastercard today announced a partnership to help companies increase financial efficiencies across global supply chains, starting in the automotive industry. The collaboration will further advance a connected and scalable digital ecosystem, allowing companies irrespective of size, location or technical capability to build increased trust and security into trading partner relationships.

The new solution from OpenText and Mastercard aims to increase the speed, compliance and security for business information, payments and financing in the automotive supply chain. It is designed to facilitate integrated payments and to enhance the management of vendor master data, enabling suppliers to better manage risk for trade finance, accelerate cash flow for outstanding invoices and secure financial transactions with enhanced digital identity.

The integrated OpenText and Mastercard offering will also provide OpenText Business Network customers the ability to access spot financing through the Mastercard Track™ B2B global trade enablement platform. It will leverage the OpenText Supplier Portal (formerly Covisint Supplier Portal), the OpenText Identity Portal and the OpenText IoT Platform, integrated with Mastercard’s financial partners.

OpenText and Mastercard will provide a single user interface which links users to supplier portal functionality and to Mastercard Track, with a secure, permissioned repository of more than 210 million registered entities worldwide. Buyers and sellers maintain and exchange key information related to their businesses and Mastercard Track provides monitoring on sanctions, credit and other business standards. This eases supplier selection, compliance and risk management; enhancing the comprehensive up-to-date supplier profiles in the OpenText Supplier Portal. Expanded supplier portal capabilities such as parts and services management and IoT contextual telemetry help auto companies avoid supply chain disruptions by identifying vendors with available parts to fill production gaps.

OpenText Supplier Portal is part of OpenText Business Network which connects to 92 percent of Automotive News 2019 Top 100 Suppliers. The global connectivity offered by OpenText will provide Mastercard with more robust digital authentication and authorization services to manage access and business identities for Mastercard Track users.

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