EedenBull, a Norwegian FinTech, has rolled out its new commercial card platform to banks to take advantage of better B2B payment capabilities, according to a press release.
The card program will allow banks to set up commercial cards and associated rewards programs, and to manage accounts associated with the cards.
The program is an extension of EedenBull's Q Business spend management program, which involves various integrations, simplifications and digitizing of services for payments.
The card program will allow a full range of capabilities for small businesses to larger corporate entities and have the ability to handle all B2B processes, the release states.
The new platform will help many banks trying to survive the pandemic, which only compounded on the existing issues many were having with navigating the complex and oft-changing financial landscape that made it harder to provide competitive payments services, the release states.
EedenBull CEO Nicki Bisgaard said in the release that the advantage of the new card is its capability to streamline the processes of B2B payments across multiple areas.
“With these latest developments we continue to demonstrate our commitment to delivering new, innovative and exciting payment services to our partner banks and their customers,” he said. “Whilst payment products and services often [become] more and more user friendly, the product management becomes more and more complex and requires … access to specialists in product management, in marketing, in revenue management, in IT and platforms, in legal and regulatory areas to mention but a few. At EedenBull, we uniquely combine specialist commercial payments expertise with tech savvy talent, making us the ideal partner to banks going forward.”
The Q Business program involves improving payment and spending, initially with 65 Nordic banks selected by EedenBull. The new cards program will be rolled out at select banks all over the world within the next one to two years, the release states.
In December 2019, Norwegian banking group Eika invested in EedenBull with an aim toward bolstering the latter’s projects to make employee purchasing easier.