Mastercard has launched a new global B2B network built on Microsoft's Azure cloud service that aims to reduce inefficiencies and inaccuracies in verifying supply chain providers and create a near real-time electronic payment system.

Mastercard Track is a global trade platform for the procure-to-pay-process, which today can be a highly manual effort. The B2B network enables banks, insurance companies and tech providers to streamline services to business customers, such as enhanced data analytics and trade finance.

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