July 18, 2024

Network International And Mastercard Join Forces To Launch New BPS

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Network International and Mastercard partner to transform UAE’s commercial payments landscape. The two companies have achieved another milestone in their long-term partnership with the launch of new Business Payment Solutions.
Network International and Mastercard partner to transform UAE’s commercial payments landscape. The two companies have achieved another milestone in their long-term partnership with the launch of new Business Payment Solutions. Nandan Mer, Group CEO of Network International, and J.K. Khalil, Division President, East Arabia, Mastercard. Image Courtesy: Network International

Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region in collaboration with Mastercard, has announced the launch of new Business Payment Solutions (BPS) for businesses, corporations, and travel industry companies in the UAE.

Industry sources added that this latest solution will aid Network International in leveraging Mastercard’s global digital payment expertise including card offerings, expense management, and virtual card innovations; enabling Network International’s commercial clients in UAE to digitize business expenses, streamline company payables and receivables processes, enhance payment security, and improve cash flow.

Nandan Mer, Group CEO of Network International commented: “We are delighted to achieve yet another milestone in Network’s 30-year journey of creating world-class digital payments infrastructure and services for clients in the UAE and the wider region. By launching the new Business Payment Solutions for the first time, the Network aims to unlock further growth opportunities for businesses and corporations in the UAE. By making progressive inroads into digitization of commercial payments, Network continues to contribute towards the UAE’s aspirations for a cashless economy.”

J.K. Khalil, Division President, East Arabia, Mastercard commented: “At Mastercard, we are committed to removing fragmentation and complexity from commercial payments, and we are delighted to strengthen our long-standing collaboration with Network to support commercial customers in the UAE. Building on our shared commitment to driving digitization and innovation, we are embedding Mastercard’s digital payment expertise, expense management, and card technologies into the new Commercial Card Program. By combining our capabilities and reach, more companies across UAE will be able to pay and get paid quickly and securely, boosting liquidity and removing friction from the system.”

Network International and Mastercard partner to transform UAE’s commercial payments landscape as well as launch Business Payment Solutions
Network International and Mastercard partner to transform UAE’s commercial payments landscape as well as launch Business Payment Solutions

Industry sources further confirmed that the digital commercial payments landscape in the UAE is transforming, with corporate clients looking for ways to boost both payment operations and working capital, accelerating the region’s digital economy ambitions.

The latest program focuses on delivering better visibility and performance in commercial payment flows, simplifying transactions across a variety of spend categories ranging from day-to-day expenses and supplier payments to managing travel expenses and other business-to-business transactions.

As part of the Program, Network will offer a range of business payment solutions targeted at merchants and general businesses in the UAE with a variety of applications and use cases:

  • The Corporate Executive Card will provide businesses of all sizes with a range of benefits and robust controls for expense management.
  • The Incontrol Digital Business Payments virtual card for domestic and cross-border payments will offer the first-ever net-zero foreign transactions in the UAE.
  • Meanwhile, the Mastercard Wholesale Program Digital Travel Payments will help travel industry customers secure, streamline, and automate B2B travel payment transactions.

The solution is designed to reduce the costs for travel business payments through an innovative pricing model and efficiency through Mastercard’s virtual card technology.

The landmark announcement follows the recent approval of Network’s Stored Value Facility (SVF) license by the Central Bank of the UAE. In addition to its Business Payment Solutions, as an SVF licensee, Network will enable its partners and customers to support prepaid card issuing and wallet provisioning, among other capabilities.

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