Mastercard teamed up with Penny Software

The collaboration will pilot Mastercard Track in Saudi Arabia and the greater MENA region

Mastercard Penny

Mastercard teamed up with Penny Software. Source: penny.co

Mastercard has partnered with Penny Software, the digital procurement software, to provide its customers with an enhanced B2B payment experience via Mastercard Track™ Business Payment Service.

Mastercard Track facilitates secure and efficient e-payments between buyers and suppliers through a global open-loop network.

It allows businesses to have greater control of their payments with rich data exchanges and the ability to automate payments across multiple payment rails. Among the benefits for businesses are the ability to scale, improved security and control, cash flow efficiency, and digitization of existing manual processes.

There is a structural need to digitize and automate B2B payments accelerated by the global pandemic and Mastercard Track allows us to fully take advantage of this opportunity. We are delighted to partner with Penny Software to further deliver on modernizing the business payment ecosystem in Saudi Arabia and the wider MENA region by delivering a better payment reconciliation experience for corporate and SME customers looking to optimize the way the pay and get paid
J.K. Khalil, Country Manager for Saudi Arabia, Bahrain & Levant, Mastercard

Penny Software provides procure-to-pay enterprise software that helps companies of all sizes to fully manage their procurement and spending activities.

In addition, Penny is building a B2B marketplace in Saudi with a mission of digitizing the B2B sourcing and procurement for the construction sectors. Penny was funded in late 2020 by regional and global venture funds.

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