UAE-based bank RAKBANK and Mastercard have announced the launch of a product suite of corporate payment solutions that include a Corporate Purchase Card, Corporate T&E Card and B2B Virtual Card. The payment tools are designed to let corporates seamlessly manage accounts payables with higher savings, efficiency, integrated reporting and greater control.
The RAKBANK Corporate Purchase Mastercard Card offers corporates a secure and simple way of making high value enterprise level B2B, B2G and cross-border payments. It also monitors travel and entertainment expenses via the SmartData expense monitoring and management tool.
The Virtual Card variant of the RAKBANK Corporate Purchase Card is powered by Mastercard’s In Control Platform, through which cards are issued online for transactions and securely transmitted to a merchant for payments. The Virtual Card can be directly linked to purchasing orders, invoices or project numbers to ensure an automated and accurate cost centre allocation with Enterprise Resource Planning (ERP) integration.
The solutions come with consolidated e-statements of all spends, helping to simplify reconciliation and offer enhanced reporting. The cards are free for life and offer 55-day interest-free credit to corporates.
The Corporate Executive Travel & Entertainment Mastercard is designed to support the management of companies’ travel and entertainment expenses. Its benefits include complimentary airport lounge access in more than 1000 lounges across 300 cities with LoungeKey, as well as unlimited free Marhaba Lounge access across the MENA region. It also includes complimentary travel and accident insurance, cover for medical emergencies, trip cancellations and lost baggage in addition to other value-added benefits.
“The commercial payments landscape and requirements have dramatically shifted and expanded over the last few years in the UAE,” said Frederic de Melker, RAKBANK’s managing director of Personal Banking. “The use of electronic and digital-platforms have opened new opportunities for the potential use of cards for spends that were traditionally transacted in cash and cheques. We therefore see an opportunity to launch a suite of robust and specialised corporate payment solutions that will enable corporates to manage employee expenditure seamlessly and simplify the procure-to-pay process to facilitate business related payments with enhanced controls and visibility.”
“Digital payments offer businesses the transparency and convenience of knowing how and where their money is being spent,” commented Girish Nanda, general manager - UAE & Oman at Mastercard. “This in turn provides decision-makers with timely and relevant insights to build efficiencies into their cash flow management.”
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