- Penny Software, a global digital procurement provider, has said that it will work alongside fintech firm Mastercard to deliver an improved business-to-business (B2B) payments service.
- The company said that it will work with the Mastercard Track Business Payment Service as part of a push for improvement, focusing and specialising on the Saudi Arabia, Middle East and North Africa regions.
- “Mastercard Track™ Business Payment Service fulfills our mission by enabling penny users to wire-transfer money to their vendors through the penny procurement software,” said a spokesperson for Penny Software.
Penny Software, a provider of digital procurement software, has confirmed that it will link up with financial technology giant Mastercard to offer an improved B2B payments service.
Penny Software will work with the Mastercard Track Business Payment Service branch of the business.
The two firms will specialise in B2B payments and online money transfers for the Saudi Arabia region, as well as the Middle East and North Africa.
It will mean that suppliers and buyers can place fast electronic payments through a global open-loop network.
This will give firms increased control over their payments, as well as higher levels of security and efficiency.
It will also allow companies to scale with greater ease.
In a statement, Penny Software’s chief executive officer argued that one of the company’s goals was to improve efficiency in the sector.
Iyad Aldalooj said that working with Mastercard would help the firm achieve that goal.
“Our mission at Penny is to provide efficiency and empower organisations,” he said.
“Mastercard Track™ Business Payment Service fulfills our mission by enabling penny users to wire-transfer money to their vendors through the penny procurement software.”
For Mastercard, J.K. Khalil, who serves as country manager for Saudi Arabia, Bahrain & Levant, said that there was a “structural need” for digitalisation to occur in this sphere.
“There is a structural need to digitise and automate B2B payments accelerated by the global pandemic and Mastercard Track allows us to fully take advantage of this opportunity,” he explained.
He added that his firm was pleased to be striking up a relationship with Penny Software to help modernise and improve the service offered.
“We are delighted to partner with Penny Software to further deliver on modernising the business payment ecosystem in Saudi Arabia and the wider Mena region by delivering a better payment reconciliation experience for corporate and SME customers looking to optimise the way the pay and get paid.”
The latest move comes after Mastercard confirmed that it would be adding card payment services to the Track system.
In that announcement, which was made in 2020, the firm said that it would also put Account-to-Account functionality in place for US Track accounts.
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