Mastercard & Octet Europe launch new trade solution for SMEs

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Mastercard and FinTech franchise, Octet Europe announced the launch of a new trade solution across the EEA today. The new solution, Mastercard Trade Solution, is powered by Octet Europe and aims to assist SMEs in growing their businesses through the management of business transactions. The solution is also expected to enable domestic and cross border trade via a value chain, secure payments, management of cash flows and simplifying back-office functions.

Milan Gauder, Executive Vice President of Product and Innovation at Mastercard Europe said, “Small business owners can incur a lot of expenses by running detailed background checks on their supply chain, especially if it involves cross-border suppliers. This in turn can limit their willingness and ability to grow their business internationally. The Mastercard Trade Solution powered by Octet will help the vital SME sector thrive in the global economy by unlocking their potential with flexibility, confidence and peace of mind. At Mastercard, we are committed to remaining the partner of choice for businesses of all sizes and to powering economies.”

According to Mastercard, the solution is directly accessible and comprises Octet Europe’s cloud-based B2B trade platform. Members of Octet Europe are verified through AML, KYC, Counter-Terrorism Financing (CTF) and Economic Trade Sanctions (ETS) processes in a bid to reduce risks in the network for SMEs.

The solution also aims to address the problem of accessing finance for the SMEs. It enables SMEs to utilise their Mastercard cards for managing cashflows and payments while benefiting from the card benefits and reward points. The solution has been developed to help the businesses in tracking, validating and authorising business transactions and settling B2B purchases using cards while having visibility of their trade documentation.

Margrith Lutschg-Emmenegger, CEO and Co-Founder Octet Europe noted, “We are excited and delighted to be partnering with Mastercard and see tremendous potential in making our unique product offering available to SMEs across Europe via their powerful partner network. It is an exceptional opportunity to create more usage of corporate cards for procurement and trade, which will greatly support SME’s and their role in sustaining global supply chains.”