Mastercard has partnered with 4thWave, a provider of an innovative digital platform for finance and banking as a service (BaaS), to optimize business-to-business (B2B) payment flows.
The mentioned collaboration will enable the use of 4thWave’s advanced supply chain finance platform to manage B2B payments. This project will be implemented in the interests of Mastercard customers. The parties to the partnership believe that their joint activities will be able to provide an influx of money to corporate buyers and suppliers.
The collaboration will also strengthen the offerings that are available within InControl for Mastercard Commercial Payments, an industry-leading solution that helps optimize B2B payments using unique, dynamically generated virtual account numbers for flexible, robust, and secure transactions.
Mastercard’s straight-through processing will increase the acceptance of payment operations using digital cards for the delivery of funds by bank transfers to the accounts of suppliers.
Currently, many organizations face difficulties in interacting with suppliers due to the low level of efficiency in processing invoices and payment transactions. Against this background, what can be described as suboptimal cooperation is being formed.
Mastercard is changing the paradigm in the sphere of B2B payments. The new approach eliminates operational and financial problems that arise against the background of inefficient processes and multiple varying point-of-origin payment systems.
Clyde Rosanowski, Senior Vice President of Commercial Solutions, EEMEA, Mastercard, says that this company is committed to helping firms around the world change the way they make payments and receive rewards. The brand invests in enhanced capabilities in the sphere of B2B commercial transactions. Clyde Rosanowski says that the partnership with 4thWave and the constant focus on solving the problems of B2B accounts payable and receivables will allow to jointly provide increased value to all participants in the supply chain.
Dan Mishra, Chairman of the Board of 4thWave, said that the company is pleased to cooperate with Mastercard to expand its offerings to the broader EEMEA market, which includes East Europe, the Middle East, and Africa. According to him, B2B, especially in the segment of small and medium-sized businesses, was significantly affected by the slow pace of debt collection. Against this background, a serious liquidity crisis has arisen, which has negative consequences for the viability of the business.
Dan Mishra says that the joint solution of 4thWave and Mastercard provides a simple and innovative financing platform that will revive and spur the necessary economic growth.
The EEMEA commercial payments market provides $7 trillion in opportunities. Accounts payable and receivables on B2B accounts account for more than 85% of these flows, which creates a huge growth potential.
Mastercard’s mission is to unite and develop an inclusive digital economy that benefits everyone and everywhere and makes transactions accessible, intelligent, simple, and secure.
As we have reported earlier, Mastercard Unveils Gen-AI Assistant Shopping Muse.
