Home Banking & Finance Digital Payments Network International, Mastercard partner to revolutionise commercial payments

Network International, Mastercard partner to revolutionise commercial payments

The new solutions will enable Network to tap into Mastercard’s global digital payment expertise, including expense management

Network, Mastercard partner to revolutionise commercial payments
The landmark deal follows the recent approval of the Network’s stored value facility (SVF) licence by the UAE central bank. Image credit: Network

UAE’s Network International (Network) has partnered with Mastercard to introduce new business payment solutions for businesses, corporations, and travel industry companies.

The new solutions will enable Network to tap into Mastercard’s global digital payment expertise, including card offerings, expense management and virtual card innovations.

The payment solution will allow Network’s commercial clients in the UAE to digitise business expenses, streamline company payables and receivables processes, enhance payment security, and improve cash flow.

The digital commercial payments landscape in the UAE is shifting, with corporate clients looking for ways to improve both payment operations and working capital, accelerating the region’s digital economy ambitions.

The new program 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.

“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 the digitisation of commercial payments, Network continues to contribute towards the UAE’s aspirations for a cashless economy,” said Nandan Mer, Group CEO of Network International.

Network will offer a range of business payment solutions targeted at merchants and general businesses in the UAE with a variety of applications and use cases.

The corporate executive card will provide businesses of all sizes with a range of benefits and robust controls for expense management.

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.

Meanwhile, the Mastercard wholesale programme’s digital travel payments will help travel industry customers secure, streamline, and automate B2B travel payment transactions.

The solution is designed to reduce the costs for travel businesses’ payments through an innovative pricing model and efficiency through Mastercard’s virtual card technology.

The landmark deal follows the recent approval of the Network’s stored value facility (SVF) licence by the UAE central bank.