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Industry roundup: 21 April

Mastercard partners with HSBC UAE on B2B payment ecosystem

Mastercard has announced a partnership with HSBC that will provide the bank’s commercial customers in the UAE with the Mastercard Track Business Payment Service. The collaboration will result in the launch of Mastercard's B2B payments solution in the UAE.  

With partnerships across all regions around the world, Mastercard says that its Track Business Payment Service helps companies simplify and optimise 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 digitisation of existing manual processes.

"The launch of Mastercard Track Business Payment Service is a game-changer for the Middle East and Africa region," said Girish Nanda, country manager, UAE & Pakistan at Mastercard. "We are seeing a structural need to digitise 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. We are thrilled to have partnered with HSBC to further deliver on modernising 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 United States, with plans to scale globally.


TradeFlow integrates Bolero’s eBL solution 

TradeFlow Capital Management (TradeFlow) has incorporated the electronic bill of lading (eBL) solution from Bolero’s newest technology platform, Galileo, into its suite of digital trade solutions, future-proofing its digital trade services.

TradeFlow leverage Galileo as the platform delivers functionality and integration with banks and other third-party systems, providing end-to-end visibility to corporate clients and banks, and supports the world’s largest, carriers, corporates and financial institutions.

Collaborating with Bolero on the Galileo platform has allowed firms like TradeFlow to offer access to a broader range of shipping and trade counterparts for the SME commodity firms TradeFlow supports via its trade enabling fund solution, and to meet its ESG goals more effectively and efficiently.

"Since our USD Trade Flow Fund’s executed the world’s first floating storage diesel cargo transaction on the  platform in November 2018, utilising Bolero’s electronic bill of lading solution, TradeFlow has supported hundreds of SME clients globally, transacting in over 26 types of commodities with over US$500m dollars of trade, with all the benefits of digitisation, including a lower carbon footprint in effecting these trades," said Tom James, CEO and CIO of TradeFlow. 


Santander and Prosegur Cash launch digital cash management service for companies

Santander and Prosegur Cash have teamed up to launch an in-store digital cash management solution. Called Cash Today, the service that went live this week means customers will immediately get the cash they collect in their bank accounts. The initiative aims to give customers a personalised and simple product under a fixed-price lease.

Cash Today is designed to guarantee the cash merchants collect is held in a secure device and contractually insured. It mirrors the benefits of card payments so customers can have the cash the device confirms immediately in their Santander bank account. They will also be able to track all transactions on their Cash Today device in real time online, which is designed to boost traceability and control over their businesses.  

The two firms say that in Spain, more cash is handed over for small purchases than in any other major economy in the eurozone.The benefits of automating cash management for businesses of all sizes include reducing risk and saving time.

Prosegur Cash, which undertakes to collect the cash and provide change, has a call centre to solve customer queries and incidents. Cash Today will target supermarkets, logistics, restaurants, service stations, pharmacies, tobacco shops and other businesses.

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