HSBC, Mastercard partner for B2B payments

The latest collaboration will result in the launch of MasterCard Track Business Payment Service in the UAE

  
People walk past a HSBC bank branch in the City of London November 12, 2014.

People walk past a HSBC bank branch in the City of London November 12, 2014.

REUTERS/Stefan Wermuth

Mastercard has announced a new partnership with HSBC that will provide the bank’s commercial customers in the UAE with an enhanced business-to-business payment experience via the Mastercard Track Business Payment Service.

The latest collaboration will result in the launch of MasterCard Track Business Payment Service in the UAE. With partnerships across all regions around the world, Mastercard Track Business Payment Service helps companies simplify and optimize how they pay and get paid through a global open-loop network.

Businesses have greater control of their payments with rich data exchanges and the ability to automate payments across multiple payment rails. Among the benefits for businesses are the ability to scale, improved security and control, cash flow efficiency and digitization of existing manual processes.

“The launch of Mastercard Track Business Payment Service is a game-changer for the Middle East and Africa region. We are seeing a structural need to digitize and automate B2B payments across all our markets, accelerated by the global pandemic, and Mastercard Track allows us to fully take advantage of this opportunity,” said Girish Nanda, Country Manager, UAE & Pakistan, Mastercard.

“We are thrilled to have partnered with HSBC to further deliver on modernizing the business payment ecosystem by delivering a better payment reconciliation experience for HSBC business customers in the UAE.”

In November 2020, Mastercard announced the addition of global Card payment capabilities to Track Business Payment Service and Account-to-Account functionality in the US, with plans to scale globally. – TradeArabia News Service

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