- Mastercard collaborates with Fundbot to enhance B2B payments.
- Initiative targets the UAE and Saudi Arabia, focusing on the healthcare sector.
What happened
Mastercard, a leading global payment solutions provider, and Fundbot, a UAE-based FinTech specializing in supply chain financing, have announced a partnership aimed at accelerating B2B payment flows across various industries in the UAE and Saudi Arabia. This collaboration will simplify transactions between buyers and suppliers, enhance payment efficiency, and promote financial inclusion. The partnership will initially focus on improving early claim settlements within the healthcare sector, addressing payment delays.
Also read: Mastercard connects with J.P. Morgan to streamline B2B payments
Also read: Transforming B2B invoicing and payment processes with Monto
Why it is important
This partnership is significant as it addresses inefficiencies in traditional payment systems, particularly in sectors like healthcare where delayed payments are common. By combining Mastercard’s digital payment capabilities with Fundbot’s dynamic discount product, the initiative seeks to improve cash flow management for suppliers and reduce operational hurdles for buyers. Fundbot’s product incentivizes faster payments, directly improving cash flow and fostering stronger buyer-supplier relationships. The collaboration will also leverage Mastercard’s In Control for Commercial Payments (ICCP) solution to issue virtual cards for suppliers through selected regional banks, facilitating digital campaigns for buyers to onboard their suppliers with automated processes allowing cost-effective inclusion of smaller suppliers. This initiative is expected to revolutionize B2B payments, providing companies with access to funds when they need them most, enabling more effective financial management and business growth.
