Mastercard, Penny Software to improve B2B payments

Thursday 12 August 2021 11:28 CET | News

Mastercard has partnered with digital procurement software platform Penny Software to introduce Mastercard Track Business Payment Service across Saudi Arabia and the greater MENA region, according to Zacks.

The utilisation of the Mastercard Track solution will enable Penny Software to offer an improved procurement solution to its customers, which will ensure complete digitization of the procurement process of businesses ranging from request to payment. With rapid digitisation underway, the safety and security of payments are of utmost importance. The unique Mastercard solution seems to be a good fit in such a scenario as it reportedly offers improved and secured electronic payments between buyers and suppliers via an open-loop network spanning globally.

The recent partnership will help businesses that will be empowered to automate payments across several payment platforms and exert increased security as well as control over payments through data exchanges. Added advantages for the businesses include an improved ability to scale, offer cash flow efficiencies, and automation of prevalent manual processes, thereby, sustaining growth prospects of businesses.

The latest move reinforces Mastercard’s efforts to upgrade the business-to-business (B2B) payments environment of Saudi Arabia and the greater MENA region in the light of a growing digital economy. The company intends to offer an improved payment reconciliation outcome for corporate and Small and Medium Enterprises (SME) customers through the alliance. In this manner, Mastercard aims to address the operational and financial headwinds stemming from outdated processes and diversified point-of-origin payment systems.

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Keywords: Mastercard, partnership, B2B payments, e-procurement
Categories: Banking & Fintech
Countries: Africa, Middle East, Saudi Arabia
This article is part of category

Banking & Fintech