Mastercard and UAE-based fintech company Fundbot has partnered to speed up business-to-business (B2B) payment flows across various industries.
The collaboration will see the launch of a new payments platform designed to connect buyers and suppliers.
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This platform is set to debut in the UAE and Saudi Arabia, featuring Fundbot’s discount product which encourages B2B payments by converting receivables to cash more quickly for suppliers and reducing days sales outstanding (DSO).
The initial focus will be on improving early claim settlements within the healthcare sector, addressing payment delays.
Fundbot’s discount product is compatible with enterprise resource planning (ERP) systems and employs an AI-powered tool to suggest the best discount rate for transactions.
It also offers buyers the chance to save by taking advantage of early payment discounts, thereby strengthening the buyer-supplier relationship and addressing cash flow issues, particularly for SMEs in the MENA region.
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By GlobalDataThe new payment platform will incorporate Mastercard’s In Control for Commercial Payments (ICCP) solution, enabling the issuance of virtual cards for suppliers through selected regional banks.
It will facilitate digital campaigns for buyers to onboard their suppliers, with automated processes allowing cost-effective inclusion of smaller suppliers.
Multilingual customer support will be available to cater to businesses across regional markets.
Fundbot CEO and founder Karl Abouzeid said: “Fundbot is on a mission to revolutionize B2B payments, which forms a key part of any economy. Through our dynamic discount product, we provide companies with access to funds when they need them most, enabling them to manage their finances more effectively and grow their businesses.”
Mastercard EEMEA market development EVP Amnah Ajmal said: “At Mastercard, we seek to empower businesses of all sizes to enable them to benefit from the digital economy. We are driving a paradigm shift in the B2B payments landscape, putting an end to the operational and financial challenges caused by inefficient processes and multiple payment systems.”
Recently, Mastercard integrated its Multi-Token Network (MTN) with J.P. Morgan’s Kinexys Digital Payments, simplifying cross-border B2B payments.
