FAB, Oracle, and Mastercard Transforms B2B Payments in MENA

First Abu Dhabi Bank, or FAB, has joined hands with Oracle and Mastercard to make business payments in the Middle East and North Africa (MENA) much easier and faster. This is big news because it’s the first time a bank in this region is trying out a new way to handle business-to-business (B2B) payments using smart technology from two global leaders.

Here’s what’s happening: Mastercard’s virtual card system is now built right into Oracle’s cloud software that many companies use to manage their finances. This means businesses don’t have to juggle different systems or deal with confusing payment steps anymore. Instead, they get a smooth, all-in-one solution that saves time and money.

Read Next: M-Pesa Surpasses $450 Billion in Total Transaction Value

A lot of companies in the UAE say they often get paid late because payment systems are slow or complicated. In fact, nearly 40% of businesses say this is a big problem. With this new setup, FAB’s customers will get their payments done faster, more securely, and with full transparency. The virtual cards help automate tasks that used to be done by hand, so companies can see exactly where their money is and how it’s being spent – all in real time.

FAB wants to give its business clients the best tools so they can keep up with the fast-changing world. By teaming up with Oracle and Mastercard, FAB is showing it’s ready for the future. This new payment system helps companies in the region improve how they pay bills, manage their money, and even build better relationships with their suppliers.

Some of the great things about this partnership include:

• Payments happen automatically inside Oracle’s software, cutting down on boring manual work and saving money.

• Each virtual card number is used just once, making payments safer and reducing the chance of fraud.

• Businesses get a clear picture of their cash flow, helping them manage money better and even earn rewards.

• Suppliers get paid faster and more reliably, which makes everyone happier.

• Sending money across borders is easier and follows local rules, thanks to Mastercard’s worldwide network.

Gina Petersen-Skyrme from Mastercard said that businesses today want payments that are easy, safe, and fast. She’s excited that this new system will help FAB’s customers get all those benefits through Oracle’s cloud software.

Read Next: Zain Jordan and Ericsson Embarks on a Business Support Systems (BSS) Transformation Project to Enhance Digital Services

Liam Nolan from Oracle added that this is a smart way to bring a popular consumer payment method into the business world. It makes it easier for suppliers to join in, lowers risks, and helps both buyers and suppliers manage their money better. Companies using this new system can now handle their finances and operations more smoothly than before.

FAB, Oracle, and Mastercard are working together to transform how B2B payments happen in the MENA region. Their new solution makes payments faster, safer, and clearer, helping businesses grow and succeed in today’s fast-paced world. It’s a big step forward for companies looking for smarter ways to manage money and payments.

Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.