Introducing a Smooth B2B Payment Flow Platform
To revolutionise business-to-business (B2B) payment systems, Mastercard has partnered with Fundbot, a fintech company located in the United Arab Emirates that specialises in supply chain financing. Together, they will introduce a cutting-edge payment system designed to facilitate business dealings between suppliers and buyers in a range of sectors.
Streamlining Payment Procedures in Saudi Arabia and the United Arab Emirates
The initial phase of the agreement will introduce a dynamic solution to improve payment efficiency, with a focus on the Saudi and UAE markets. Fundbot’s dynamic discount function encourages quicker payments, which lowers days sales outstanding (DSO) and receivables conversion times. In order to ensure early claim settlements, this solution is specifically designed to alleviate payment delays in the healthcare sector.
Boosting Enterprises With Digital Transformation
Mastercard’s EVP of Market Development, Amnah Ajmal, emphasised the initiative’s overarching goal. By removing payment process bottlenecks and increasing the use of virtual cards, we hope to enable companies to prosper in the digital economy. By establishing safe and easy payment processes, this collaboration with Fundbot represents a paradigm shift in the B2B payment market.
AI-Powered Dynamic Savings to Improve Cash Flow
Businesses may easily use Fundbot’s AI-powered discount offering since it interacts smoothly with industry-leading enterprise resource planning (ERP) platforms. Customers can save more by taking advantage of early payment discounts thanks to the platform’s sophisticated algorithms, which suggest the best discount rates depending on market patterns. This strategy solves the cash flow issues that SMEs in the MENA area confront while fortifying the bonds between buyers and suppliers.
Increasing Economic Growth and Supply Chain Stability
Fundbot’s founder and CEO, Karl Abouzeid, was excited about the partnership. “B2B payments are revolutionised by our dynamic discount product, which gives businesses much-needed liquidity to help them expand and effectively manage their finances.” We want to speed up and digitise payments in this vital area of the economy in collaboration with Mastercard.
Making Use of Virtual Card Technology from Mastercard
In collaboration with a few regional banks, the platform will issue virtual cards using Mastercard’s In Control for Commercial Payments (ICCP). For small suppliers, this functionality offers affordable options and streamlines supplier onboarding. Accessibility across a variety of markets is ensured by extensive multilingual customer service in Arabic, English, and French.
Advancing B2B Payments Innovation
Mastercard and Fundbot are tackling long-standing payment inefficiencies by combining state-of-the-art technology and financial solutions. Their partnership has the potential to completely transform the B2B payments market, promoting expansion, effectiveness, and increased financial stability for companies in the United Arab Emirates, Saudi Arabia, and other countries.
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