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.
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.