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Mastercard And Partners Form Supply Chain Digitization Alliance

Mastercard Forms Alliance For Supply Chain Digitalization

To digitize supply chains for merchants and wholesalers, Mastercard, along with Finastra, SGeBIZ and N-Frnds, has created an alliance with the Asian Development Bank (ADB), according to a Tuesday (Sept. 8) announcement.

“Innovative partnerships like this one can support the agility and resilience of supply chains, accelerating access to finance and improving efficiency,” Michael Froman, vice chairman and president of strategic growth for Mastercard, said in the announcement.

The alliance will reportedly result in a digital technology that offers wholesaler access to credit and completely digitized marketing campaigns.

Mastercard will harness supply chain information from N-Frnds, the virtual procure-to-pay platform of SGeBIZ, and other sources to team with Finastra and the firm’s Trade Bank clients with the goal of automating working capital finance access. The group will also harness the mobile technology of N-Frnds to more effectively communicate future promotional efforts involving wholesalers and suppliers.

The economic effects of COVID-19 have acutely impacted supply chains and trade networks, especially for SMBs. The pandemic has also decreased control over cash flow and access to credit for these businesses.

The ADB approximated a $1.5 trillion funding gap in 2018, long before to the pandemic. If demand returns in the worldwide economy, the International Chamber of Commerce (ICC) forecasts a possible $2 trillion to $5 trillion shortfall in trade financing up to 2021.

In separate news, the ICC has unveiled the “operational launch” of the ICC Digital Standards Initiative, which seeks to create a digitized and coordinated trade climate, according to a Tuesday (Sept. 8) announcement.

And separately, Mastercard and Pollinate have agreed to a strategic partnership to provide the latest insights and infrastructure to FIs serving small to medium-sized businesses (SMBs). Pollinate's solution functions as a cloud-based information and digital experience layer that can exist on top of a bank's existing infrastructure.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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