MasterCard has introduced a digital payment solution, dubbed MasterCard B2B Hub, for small and midsized enterprises (SMEs) to manage invoices, payments, and supplier relationships.

The payment solution will allow SMEs to manage their invoice and payment processes with accounts payable and payment automation tools. It will also allow vendors to effectively manage their accounts payable activities.

MasterCard said that the automated solution leverages digital tools and resources to maximize electronic payments across cards and data-enriched ACH to offer enhanced data and insights.

The solution is expected to first launch with AvidXchange, a provider of automated invoice and payment processing, later in 2017.

MasterCard executive vice president of new payments business Colleen Taylor said: “The MasterCard B2B Hub is the latest way we are working to meet the broader payment needs of this segment. We see this solution as helping organizations maximize every minute and every dollar that they invest in their business.

“The comprehensive automated payment experience we deliver will help improve supplier relationships and accelerate the conversion of B2B payments from paper checks to electronic payments.”

AvidXchange CEO Michael Praeger said: “The combination of our invoice and payment automation capabilities and MasterCard’s proven commercial payment solutions will elevate the payment experience for midmarket and small companies. This opportunity is huge with over 350,000 businesses sized in this underserved segment.

“We are very excited to be the partner in delivering The MasterCard B2B Hub to card issuers and we look forward to working together to bring its capabilities to market.”