Business-to-business payment provider Traxpay Inc. has hired a former PayPal and MasterCard executive as its chief operating officer.

Jochen Siegert joins Frankfurt, Germany-based Traxpay from the Berlin-based investment firm FinLeap, where he was a partner and CEO.

From 2008 to 2012, Siegert helped establish PayPal in Europe, operating as a director of strategy and corporate development for Europe, the Middle East and Asia.

Prior to joining PayPal, Siegert led the product and partner management team at KarstadtQuelle Bank, the largest MasterCard issuer in Germany. He came to the bank from MasterCard, where he held various senior product and business development positions at MasterCard Germany and MasterCard Europe.

“After all of the innovation and attention surrounding the business-to-consumer space in recent years, the payment industry is now anxiously awaiting a revolution in the B-to-B sector so that enterprises can profit from the same kind of flexibility, transparency and speed that consumers have come to expect,” Siegert said in a June 23 press release.

Traxpay executives have long touted the company's use of dynamic data in B-to-B transactions as a way to deliver real-time payments with more details attached.

 “There are very few experts in the financial technology sector that have the breadth and depth of experience that Jochen Siegert brings,” Traxpay CEO John Bruggeman stated in the release. “We share a common vision for where the industry is going, and what the market is expecting in terms of innovation for companies transacting on a global scale."

In addition to its headquarters in Germany, Traxpay also has operations in Mountain View, Calif., in the U.S.

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