Mastercard struck a deal to help automate the accounts payable process for businesses in the United Arab Emirates, reports said Sunday (Feb. 12).
The credit card firm inked a partnership with technology firm Swipezoom, which operates in both the B2B and B2C spaces. Together, the companies rolled out a cloud-based invoicing and B2B payment solution aimed at helping business users better manage cash flow. Mastercard integrated its payments technology into Swipezoom’s Swipe2b, its B2B solution that automates business processes.
“The substantial majority of companies’ invoice and settlement handling today is reliant on costly hands-on, paper-based operations,” said Swipezoom Founder and CEO Amer Qavi in a statement. “Swipe2b changes accounts payable from a traditional cost facility into an efficient profit center within a company.”
“In the current financial environment, a device that enhances a business’ capital is a critical requirement,” Qavi continued. “Our partnership with Mastercard enables organizations to not only improve their AP function [but] additionally provide much required liquidity, with quick and secur[e] repayments straight into suppliers’ savings account[s]. This is just one more step in our ongoing dedication in the direction of bringing efficiencies to underoptimized areas of businesses everywhere.”
In another statement, Mastercard Head of Commercial Products for the Middle East and Africa Adam Jones said cash management is a critical challenge for companies.
“Organizations are pursuing liquidity in all components of their business, along with … their requirement for effectiveness and safety,” he said. “This implies pioneers are aiming to bring the following measurement to the market.”
“At Mastercard, we are proud to have actually partnered with a fellow pioneer in Swipezoom to introduce an eInvoicing and ePayment option that provides capital improvements to small and tool enterprises, large corporates and federal government entities,” added Jones. “This operations-driven approach to supplier connections promises to profit … in the work chain, while satisfying those needs for performance, cash flow and expense savings.”