Saudi Arabian bank ANB has just released a new payment solution to help businesses manage their budgets and control employee spending.
Reports in Arab News published Saturday (Dec. 5) revealed that ANB is rolling out Cash Express, a prepaid card for lower spending values. According to the bank, it makes the kingdom’s first prepaid petty cash card.
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The solution is geared towards business customers of the bank that need to monitor smaller expenses and can be used by employees to limit their spending, reports said. The prepaid card integrates into ANB’s online banking channel, providing a platform for managers to refill funds on the Cash Express card, set spending limits and view payment activity.
“We are proud to offer this innovative payment solution that transforms petty cash payments into a modern electronic prepaid card-based payment offering,” said ANB Deputy Head of Corporate Banking Nizar Al-Twaijiri in a statement. “Cash Express uses the latest technology for making purchases on the local POS network or withdrawing cash at any ATM in the marketplace. It also facilitates expense management and considerably eliminates the risks and costs associated with carrying cash or keeping cash on business premises.”
He added that the solution can help companies across any sector manage their finances and employee spend.
Commercial cards have gained new traction in the country in recent months. Earlier this year China-based payments company Globebill reached an agreement with the nation to ease friction in commercial card settlements in an effort to boost cross-border trade.