Mastercard characterisation of Track "rather broad in scope" - Tradeshift CEO

Tradeshift's CEO, Christian Lanng, has said that Mastercard's description of its new Track project is "rather broad in scope".

In its announcement of Track, Mastercard described it as a "unique B2B platform", adding that it is partnering with nine B2B networks and procure-to-pay solution providers, including Tradeshift.

But Lanng has moved to clarify the specifics of the initiative.

"In its press release, Mastercard’s characterisation of Track was rather broad in scope," said Lanng, CEO of Tradeshift, in a statement emailed to Supply Chain Digital.  

"While we are excited to work with Mastercard, it’s important to note that Track is a compliance and risk business directory for trading partners, and does not provide the rich B2B platform capabilities supported by our Tradeshift commerce network. 

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"On-boarding new customers is one of the biggest costs for financial institutions. With Mastercard’s Track Trade Directory solution, we will be able to help our financial services partners to understand who these new customers are in order to better address challenges such as fraud and money laundering.

"We look forward to continuing expanding our commercial card relationship with Mastercard and evaluating some of the payment gateway capabilities they are driving."

Earlier in the day, Lanng tweeted: "To make it clear to anyone who follows me or @tradeshift this is not a B2B platform, but a KYC (Know Your Customer) check, we will implement like any app on Tradeshift, I believe the wording of the press release is misleading and something we will evaluate in our future collaboration with @mastercard"