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July 10, 2018

Mastercard and Strands partner to provide payment tools to SMEs

Mastercard and Strands have joined forces to offer an integrated platform of digital cash management and commercial payment tools to issuing banks for the benefit of small-to-medium enterprise (SMEs) clients.

Under the collaboration, the Strands Business Financial Management (BFM) will utilise Mastercard’s digital payment technology to provide on-demand solutions to these SMEs.

The solutions are expected to enable these businesses assess their finances, project short-term cash flow as well as receive customised recommendations.

Strands CEO Erik Brieva said: “SMEs are the backbone of the global economy and represent one of the biggest potential sources of revenue for banks; yet they are typically offered banking solutions designed with the retail customer in mind.

“Our in-house research shows that 61 percent of SMEs place cash flow management as one of their top three priorities to help them secure their financial future, but the banking solutions offered today by issuer banks do not address these unique requirements.”

Strands’ BFM solution comes with multiple tools that can help the SME owners to manage accounts payables, receivables, budgets and provisions.

The SME owners can predict their income, expenses and balances with the solution. Further, Strands BFM will also offer personalised alerts and notifications to users.

In the future, users are expected to have access to Mastercard In Control to track commercial credit card usage and Mastercard Merchant Match Tool to locate merchants that accept credit cards.

 

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