Mastercard has teamed up with Markaaz to bring its products and services including payments and security to the latter’s platform to help support small businesses.
Leveraging tools, services, and data, this partnership aims to allow users to save time and money in identifying and working with their partners.
Small firms on an average spend 17 days every year on authenticating and re-checking for everything they require, right from bank loans, to insurance, and other services. This means an inefficiency of more than $1.7 trillion annually.
Mastercard has launched a host of assets and expertise to Markaaz platform to aid small firms cut down their complexity and bolster efficiencies.
On to the Markaaz platform, Mastercard has launched Mastercard Track Business Payments Service, RiskRecon’s assessment of cyber risk and vulnerabilities and Finicity’s real-time access to financial data and insights.
Following integration into the dashboard of Markaaz, customers will have a pre-verified community of businesses, educational resources, digital tools and payment capabilities to manage and expand their business.
Markaaz founder and CEO Hany Fam said: “This partnership with Mastercard is a very significant one for Markaaz.
“We are thrilled that Mastercard is able to bring its capabilities, know-how and team to bear to develop unique assets and resources for this partnership.”
Mastercard North America small business lead Ginger Siegel said: “Mastercard is deeply committed to supporting the needs of small businesses in our increasingly digital world.
“We are pleased to bring the power of Mastercard’s open banking, cyber risk and ID-verification tools to Markaaz to create a richer value proposition for small businesses.”
This partnership with Markaaz advances Mastercard’s commitment to aid small firms, during and beyond the Covid-19 pandemic.
Last year, Mastercard pledged to invest $250m in financial, technology, product and services support to small firms over the next five years.