Mastercard is collaborating with HSBC to provide the latter company’s business clients in the United Arab Emirates with a bolstered business-to-business (B2B) payment experience through the Mastercard Track business payment service. The link-up between the two firms will bring about the launch of Mastercard Track business payment service in the UAE, according to an announcement on Sunday (April 18).
“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 digitize and automate B2B payments across all our markets, accelerated by the global pandemic, and Mastercard Track allows us to fully take advantage of this opportunity,” Girish Nanda, country manager for the UAE and Pakistan, Mastercard, said in the announcement.
Mastercard Track assists firms in streamlining and optimizing the way they make and receive payments by the way of an international open-loop network. Companies have more control over their payments through detailed data exchanges and the capacity to automate payments throughout different payment rails.
“We are thrilled to have partnered with HSBC to further deliver on modernizing the business payment ecosystem by delivering a better payment reconciliation experience for HSBC business customers in the UAE,” Nanda said in the announcement.
The news comes as Mastercard has added a new account-to-account (A2A) offering to its Track Business Platform Service to help companies exchange information more effectively and conduct payments via different rails.
“Our commitment to supporting multiple payment rails has always been about helping customers operate more efficiently and effectively, leveraging all the capabilities available in the market with as little change as possible,” James Anderson, executive vice president of global commercial and B2B solutions at Mastercard, said in an announcement for the A2A offering. “This milestone is another step in the journey away from paper-based frustration, incomplete data and manual reconciliation work — to a fully-digitized business payments process.”
At the time, it was noted that that the A2A functionalities were already accessible in the United States and were to be accessible in every region by the conclusion of 2021.
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