Mastercard and 4thWave simplify B2B payments in EEMEA

Tuesday 9 January 2024 10:38 CET | News

Mastercard has announced a partnership with finance and Banking-as-a-Service (BaaS) digital platform provider 4thWave to simplify B2B payment flows across EEMEA.


The collaboration is set to leverage 4thWave’s advanced supply chain finance platform for managing B2B payments to benefit Mastercard’s commercial customers, enabling cash flow for corporate buyers and suppliers alike.

B2B payments and Mastercard – 4thWave partnership details

The partnership seeks to strengthen the offerings available as part of Mastercard’s InControl for Commercial Payments (ICCP), a solution that helps simplify B2B payments making use of unique, dynamically generated virtual account numbers to make payments to suppliers, flexible, robust, and secure. What is more, Mastercard’s straight-through processing (STP) is set to further increase virtual card account acceptance to deliver funds for approved transactions to suppliers’ bank accounts.

Per the announcement information, approximately 72% of organisations experience strained vendor relationships caused by inefficient invoice and payment processing, thus leading to sub-optimal supplier relationships. Mastercard aims to create a paradigm shift in the B2B payments industry, putting an end to the operational and financial challenges resulting from inefficient processes and multiple varying point-of-origin payment systems.

Mastercard and 4thWave simplify B2B payments in EEMEA

Commenting on the collaboration, Mastercard officials advised that in line with its commitment to helping businesses around the world transform how they pay and get paid, the company is investing in enhanced capabilities in the commercial B2B payments space. The partnership with 4thWave, a result of Mastercard’s ongoing focus on solving for B2B accounts payable and receivables, is believed to enable the companies to jointly offer increased value to all participants in the supply chain.

More to this point, 4thWave representatives expressed that they’re looking forward to partnering with Mastercard to expand the company’s offerings to the wider EEMEA market. Per their statement, the B2B businesses, especially those in the SME and MSME segments, have been severely impacted by the slowness in receivables’ collections, leading to a liquidity crunch that had negative consequences for the survival of such businesses. As such, the company’s combined solution with Mastercard seeks to address this need by offering an easy and innovative financing platform believed to help rekindle and spur the needed growth in the economies.

The press release further details that the commercial payments market in the Eastern Europe, Middle East, and Africa (EEMEA) region showcases a USD 7 trillion opportunity, with B2B account payables and receivables comprising more than 85% of these flows, thus presenting increased growth potential.

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Keywords: partnership, B2B payments, paytech, accounts payable, accounts receivable, payment processing, supply chain finance, financing , fintech, payments
Categories: Payments & Commerce
Companies: 4thWave, Mastercard
Countries: Africa, Eastern Europe, Middle East
This article is part of category

Payments & Commerce




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