Following this announcement, the two companies are expected to co-create an optimised tech-driven platform that will be rolled out for customers and businesses in the UAE and Saudi Arabia. At the same time, the partnership will accelerate business-to-business (B2B) payment flows across all industries, as the new platform will link buyers and suppliers in a secure and efficient manner.
Mastercard and Fundbot will also continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The new tech-driven solution is set to boost the user experience by including added-value capabilities and features, such as Fundbot’s dynamic discount product that incentivises quicker B2B payments, fast-tracks the conversion of receivables to cash for suppliers, while reducing days sales outstanding (DSO) at the same time.
According to the official press release, the initial rollout of the service will focus on early claim settlements in the healthcare sector, aiming to tackle these significant payment delays.
Fundbot’s dynamic discount product was developed as a fully integrated tool, with optimised enterprise resource planning (ERP) systems. The product ensures compatibility and accessibility, which makes it easier for businesses of all sizes to adopt and use. It also features an AI-powered tool that uses advanced algorithms to recommend the optimal discount rate for each transaction based on country, vertical, and industry trends, in order to help buyers achieve high acceptance rates.
In addition, the product also allows buyers to maximise savings by leveraging early payment discounts before the invoice due date. This investment in the supply chain strengthens the relationship between buyers and suppliers by significantly accelerating payments and helping address cash flow issues, a process that currently represents a key pain point for SMEs in the MENA region.
The platform is expected to leverage Mastercard’s In Control for Commercial Payments (ICCP) solution to issue virtual cards for suppliers in collaboration with multiple selected banks in the region. In addition, buyers will be onboarded onto the platform and will be given the possibility to initiate digital campaigns for their suppliers. Automated onboarding will allow for the cost-effective inclusion of small suppliers as well.
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