SAN FRANCISCO--(BUSINESS WIRE)--AtoB, the fintech payments platform modernizing the trucking industry’s financial system, today announced a new partnership with Mastercard making them the exclusive payments network for AtoB’s commercial credit card program. Both companies will work to bring greater payment efficiencies to the trucking industry and improve the lives of the operators and drivers who help power the global economy.
More than 70% of goods in the U.S. are transported by truck1, making trucking a vital segment of the economy. Fleet managers also have unique payment needs and responsibilities requiring specialized fleet card products. This may include being able to optimize daily fleet fuel, restrict purchases to appropriate fuel and non-fuel spending, and provide fleet drivers with flexibility to respond to changing purchase needs.
AtoB’s platform provides a specialized suite of tools for the trucking industry, including no-fee fleet cards, instant direct-deposit payroll, access to bank accounts, and savings tools. Its AtoB Fuel Card offers discounts of up to 84 cents per gallon and advanced analytics that improve security and efficiency for small businesses.
“This new partnership with Mastercard will accelerate our commitment to delivering modern payment and logistics tools to help fleet managers track spending, save money, and strengthen overall fleet performance,” said Vignan Velivela, co-founder and CEO at AtoB. “The majority of fleet companies are small businesses, which must operate with maximum efficiency in a competitive market. Through AtoB’s new partnership with Mastercard, we will continue to deliver digital resources and advanced systems that foster digital transformation for the trucking industry.”
“Over the past few years, supply chain challenges have demonstrated our global reliance on the freight sector and reinforced the importance of digitization in this space. Through Mastercard’s new partnership with AtoB, we will leverage our expertise, technology, and innovative thinking to enhance AtoB’s fuel card program and deliver innovative payment experiences that will unlock more value for operators and drivers alike,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
Boosting Efficiencies for Fleet Customers
AtoB will leverage Mastercard’s network, technology, and services to add new benefits for its fleet customers. Together, Mastercard and AtoB will:
- Enhance Security: leverage Mastercard’s leading cyber and intelligence solutions, including digital identity and behavioral intelligence technology, to detect fraud in real-time.
- Deliver Faster Payments: leverage Mastercard Send to enable secure, near real-time payment transfers to carriers, as well as faster driver payouts and per-diems.
- Provide Deeper Discounts: automatically enroll cardholders in Mastercard Easy Savings, offering additional perks and discounts on top of the AtoB suite.
“AtoB not only delivers an exceptional fuel discount and industry-leading data tools to help our fleet operate with greater efficiency,” said Lance Thayer, CEO of J & L Line Services. “The company’s reporting tools and 24/7 support have helped us reduce total fuel costs and save thousands per driver, in addition to streamlining processes for our finance teams.”
The rollout of the new card system will begin in the first half of 2024. Existing customers will receive their new Mastercard cards by mail. Existing cards will continue to work until new cards are activated.
AtoB and Mastercard have partnered with Highnote, a modern embedded finance platform, to power the AtoB fuel card program. For more information on Highnote, visit: www.highnote.com.
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1 American Trucking Association, 2023
About AtoB
AtoB was founded in 2020 with the mission to transform the fleet industry’s financial infrastructure. AtoB’s groundbreaking fintech payments platform provides drivers and fleet operators with easy-to-use financial products such as no hidden fees; instant direct-deposit payroll; and access to bank accounts and savings tools in order to provide ease on the road and network efficiencies. AtoB is a member of the World Economic Forum’s Global Innovators Community and is on Forbes’ Next Billion-Dollar Startup 2022 list. For more information, visit atob.com.
