The utilisation of the Mastercard Track solution will enable Penny Software to offer an improved procurement solution to its customers, which will ensure complete digitization of the procurement process of businesses ranging from request to payment. With rapid digitisation underway, the safety and security of payments are of utmost importance. The unique Mastercard solution seems to be a good fit in such a scenario as it reportedly offers improved and secured electronic payments between buyers and suppliers via an open-loop network spanning globally.
The recent partnership will help businesses that will be empowered to automate payments across several payment platforms and exert increased security as well as control over payments through data exchanges. Added advantages for the businesses include an improved ability to scale, offer cash flow efficiencies, and automation of prevalent manual processes, thereby, sustaining growth prospects of businesses.
The latest move reinforces Mastercard’s efforts to upgrade the business-to-business (B2B) payments environment of Saudi Arabia and the greater MENA region in the light of a growing digital economy. The company intends to offer an improved payment reconciliation outcome for corporate and Small and Medium Enterprises (SME) customers through the alliance. In this manner, Mastercard aims to address the operational and financial headwinds stemming from outdated processes and diversified point-of-origin payment systems.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now