Dubai-based payment solutions provider Swipe2B has surpassed $2 billion in B2B supplier payments in the UAE.
The company’s payment solution offers a range of benefits for buyers and suppliers alike, Swipe2B said in a Thursday (Sept. 21) press release.
CEO and founder Amer Qavi developed a holistic solution that addresses the pain points of both parties in a transaction, according to the release. The aim was to simplify the B2B payment process while enhancing liquidity and streamlining cash management for companies.
With nearly 40 clients, including New York University Abu Dhabi, Mastercard and DB Schenker, Swipe2B’s offerings have gained traction within the UAE business community, the release said.
Buyers in the region can now enjoy extended credit terms of up to 55 days, allowing them to optimize their working capital and cash flow, per the release. This flexibility empowers businesses to strategically allocate their resources and seize growth opportunities.
In addition, approximately 2,600 suppliers benefit from early payments, which boost their liquidity, financial stability and growth potential, according to the press release. This mutually beneficial solution also provides suppliers with an additional payment method to offer their other clients, strengthening small and medium-sized businesses (SMBs) and contributing to the overall economic vitality of the UAE.
Swipe2B’s solution goes beyond payments and includes supplier enablement services, the release said. Suppliers can now receive instant payments directly into their bank accounts without manual input. This automation allows for efficient transaction reconciliation, freeing up resources to focus on more valuable and strategic tasks.
Qavi said in the release: “In today’s financial landscape of rising interest rates, Swipe2B’s solution is a game-changer. We’re not just aligning with the shift towards digital payments; we’re also addressing the critical need for liquidity and working capital.”
In another recent development in this space, Emirates Development Bank (EDB) and Trade Capital Partners (TCP) said Aug. 17 that they have partnered to offer supply chain finance and working capital solutions to SMBs in the UAE. This collaboration, which is facilitated by Abu Dhabi’s global tech ecosystem Hub71, aims to support startups and provide them with commercial opportunities through a network of corporate and government partners.
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