Mastercard has named Chad Wallace as its executive vice president of B2B Solutions, the company announced in a news release Thursday (March 31).
According to Mastercard, Wallace will oversee the company’s commercial product offering, including its corporate travel and expense (T&E) management products, purchasing and virtual cards B2B payments and fleet cards. In addition, Wallace will focus on “enabling the digital transformation of corporate payments across accounts payable, procurement and treasury,” the company said.
“Chad is joining Mastercard at an exciting time where B2B and commercial solutions are essential in enabling the shift to a digital economy for corporates,” Mastercard Chief Product Officer Craig Vosburg said in the release.
“Chad’s diverse leadership experience across the industry will provide significant value for our customers around the world. His digital products expertise, proven track record and high energy will support our continued focus to drive innovation in the B2B space.”
Before joining Mastercard, Wallace worked at the investment banking division of Goldman Sachs, overseeing digital transaction banking.
Wallace has also served as head of digital experiences for Capital One’s commercial bank and has held leadership roles at TD Ameritrade, E*TRADE Financial and SunTrust.
Read more: Mastercard Launches Instant B2B Payments
Earlier this year, Mastercard debuted Mastercard Track Instant Pay, a virtual card solution for instant B2B payments.
“Integrated with Mastercard Track Business Payment Service, Mastercard’s open-loop B2B network, the new, first-of-its-kind virtual card solution delivers greater choice, efficiency and automation for buyers and suppliers to help streamline and speed business payments,” the company said in January.
Mastercard says this solution is meant to help customers avoid slower and more complicated payment methods, such as ACH.
The company also recently teamed up with HSBC in the U.K. to launch a new B2B payment solution for cash flow management and expanded payment options. Known as the Mastercard Track Card to Account Transfer, the tool lets businesses use their commercial card program to make payments to any supplier and better manage cash flow.
See also: Mastercard Teams with HSBC for New B2B Cash Flow, Payments Solution
