HSBC is launching the Mastercard Track Business Payment Service in the UAE. The move is part of a mission to modernise the Middle East and Africa’s B2B payment ecosystem.

Mastercard Track Business Payment Service has partnerships across all regions around the world. It helps companies simplify and optimise how they pay and get paid through a global open-loop network. Mastercard says that businesses have greater control of their payments with rich data exchanges. In addition, they have the ability to automate payments across multiple payment rails. Other benefits are the ability to scale, improved security and control, cash flow efficiency and digitisation of existing manual processes.

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Mastercard Track Business Payment: ‘a game-changer’

“The launch of Mastercard Track Business Payment Service is a game-changer for the Middle East and Africa region. We are seeing a structural need to digitise and automate B2B payments across all our markets. This is accelerated by the global pandemic, and Mastercard Track allows us to fully take advantage of this opportunity.

“We are thrilled to have partnered with HSBC to further deliver on modernising the business payment ecosystem. It delivers a better payment reconciliation experience for HSBC business customers,” says Girish Nanda, Country Manager, UAE & Pakistan, Mastercard.

Mastercard says the service represents a paradigm shift in the B2B payments landscape. Specifically, it puts an end to the operational and financial challenges created by inefficient processes and multiple varying point-of-origin payment systems. According to Mastercard, some 91% of B2B merchants in the US report late payments by B2B customers. And about 35% of businesses say that more than 40% of their invoices require manual reconciliation.

In November 2020, Mastercard added global card payment capabilities to Track Business Payment Service and Account-to-Account functionality in the US. It has plans to scale the service globally.

Separatim, Samir Assaf has been appointed chairman of HSBC Middle East with effect from 1 May. Samir succeeds David Eldon, who steps down at the end of April after almost 10 years as chairman.