National bank RAKBANK, headquartered in the emirate of Ras Al-Khaimah in the United Arab Emirates, has teamed up with Mastercard to introduce corporate payment solutions, Zawya reported Wednesday (Jan. 22).
The inventory of solutions includes corporate travel and entertainment cards in addition to a B2B virtual card that enables corporates to manage accounts payable with more control.
“The commercial payments landscape and requirements have dramatically shifted and expanded over the last few years in the UAE,” said Frederic de Melker, managing director of personal banking at RAKBANK. “The use of electronic and digital platforms have opened new opportunities for the potential use of cards for spends that were traditionally transacted in cash and checks.
“We therefore see an opportunity to launch a suite of robust and specialized corporate payment solutions that will enable corporates to manage employee expenditure seamlessly and simplify the procure-to-pay process to facilitate business-related payments with enhanced controls and visibility.”
The RAKBANK Corporate Purchase Mastercard Card offers a “secure and simple way of making high-value enterprise-level B2B, B2G and cross-border payments.” It also provides efficient monitoring of travel and entertainment expenses via the SmartData expense monitoring and management tool.
“This is a valuable addition to the diverse range of products and services that are offered by RAKBANK,” said Rahul Oberoi, managing director of wholesale banking at RAKBANK. “As a bank, we strive to continually introduce new products and solutions that will assist our customers not just financially, but in direct support of their business objectives of efficiently managing expenses and taking advantage of unique deals and solutions. With this launch, RAKBANK offers a complete suite of innovative corporate payment solutions that will reduce paperwork, time and improve operating efficiencies of our corporate customers.”
Girish Nanda, general manager of UAE & Oman for Mastercard said, “Digital payments offer businesses the transparency and convenience of knowing how and where their money is being spent. This, in turn, provides decision-makers with timely and relevant insights to build efficiencies into their cash flow management.”
The expansion of traditionally consumer-focused FinTechs widening their solution scope to include B2B payments tools exemplifies just how massive the opportunity is for service providers to tackle friction.