Mastercard, 4thWave team up to simplify B2B payments in EEMEA
By Delisha Fernandes
Mastercard has partnered with 4thWave, a Banking-as-a-Service (BaaS) digital platform provider, to streamline business-to-business (B2B) payment flows.
The collaboration will leverage 4thWave’s advanced supply chain finance platform for managing B2B payments to benefit Mastercard’s commercial customers, enabling cash flow for corporate buyers and suppliers.
“In line with our commitment to helping businesses worldwide transform the way they pay and get paid, we are investing in enhanced capabilities in the commercial B2B payments space. Our partnership with 4thWave, a result of our continued focus on solving for B2B accounts payable and receivables, will allow us to jointly provide enhanced value to all participants in the supply chain,” said Clyde Rosanowski, Senior Vice President of Commercial Solutions, EEMEA, Mastercard.
The commercial payments market in the Eastern Europe, Middle East and Africa (EEMEA) region presents an opportunity of $7 trillion. B2B account payables and receivables comprise more than 85% of these flows, showing tremendous potential for growth.
The partnership will strengthen the offerings available as part of Mastercard’s InControl for Commercial Payments (ICCP), a solution that helps to streamline B2B payments using unique, dynamically generated virtual account numbers to make payments to suppliers, flexible, robust and secure. Mastercard’s straight-through processing (STP) will further increase virtual card account acceptance to deliver funds for approved transactions to suppliers’ bank accounts.
“We are pleased to partner with Mastercard to expand our offerings to the wider EEMEA market. The B2B businesses, especially in the SME & MSME segment, have been severely impacted by the slowness in collections of receivables. This has led to severe liquidity crunch that has negative consequences for the survival of these businesses. Our combined solution with Mastercard addresses this need by providing an easy and innovative financing platform that will rekindle and spur the much-needed growth in the economies”, said Dan Mishra, the chairman of 4THWAVE INC.
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