Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA) region, is partnering with payments giant Mastercard to launch new business payment solutions for companies based in the UAE.
Network International plans to tap into global digital payment expertise offered by Mastercard, gaining insight into card offerings, expense management and virtual card innovations. This expertise should enable Network International’s commercial clients in the UAE to digitise business expenses, streamline company payables and receivables processes, enhance payment security, and improve cash flow.
As the digital commercial payments landscape in the UAE shifts, corporate clients are looking for ways to improve both payment operations and working capital, accelerating the region’s digital economy ambitions.
The new programme aims to deliver better visibility and efficiency in commercial payment flows, simplifying transactions across a variety of spend categories ranging from day-to-day expenses and supplier payments, to managing travel expenses and other business-to-business transactions.
Nandan Mer, group CEO of Network International, commented: “We are delighted to achieve yet another milestone in Network’s 30-year journey of creating world-class digital payments infrastructure and services for clients in the UAE and the wider region.
“By launching the new business payment solutions for the first time, Network aims to unlock further growth opportunities for businesses and corporations in the UAE. By making progressive inroads into digitisation of commercial payments, Network continues to contribute towards the UAE’s aspirations for a cashless economy.”
Removing friction for UAE businesses
As part of the programme, Network International will offer a range of business payment solutions targeted at merchants and general businesses in the UAE.
The new corporate executive card offers businesses of all sizes robust controls for expense management, while the Incontrol Digital Business Payments virtual card for domestic and cross-border payments will offer the first-ever net-zero foreign transactions in the UAE.
J.K. Khalil, division president, East Arabia, at Mastercard, also added: “At Mastercard, we are committed to removing fragmentation and complexity from commercial payments, and we are delighted to strengthen our long-standing collaboration with Network International to support commercial customers in the UAE.
“Building on our shared commitment to driving digitisation and innovation, we are embedding Mastercard’s digital payment expertise, expense management and card technologies into the new commercial card programme. By combining our capabilities and reach, more companies across UAE will be able to pay and get paid quickly and securely, boosting liquidity and removing friction from the system.”
The announcement comes shortly after Network International received the Stored Value Facility (SVF) licence from the Central Bank of the UAE. In addition to its Business Payment Solutions, as an SVF licensee, Network International will enable its partners and customers to support prepaid card issuing and wallet provisioning, among other capabilities.
The post Network International Leverages Mastercard Expertise to Digitise Business Expenses in UAE appeared first on The Fintech Times.
