Network International (Network) has announced the launch of new Business Payments Solutions for corporations, businesses, and travel sector organisations in the United Arab Emirates. Network is the primary facilitator of digital commerce in the Middle East and Africa (MEA) area.
The new solutions, which were developed in collaboration with Mastercard, will allow Network International to take advantage of Mastercard’s extensive experience in digital payments worldwide, including its card offerings, virtual card innovations, and expense management capabilities.
This will help Network International’s commercial clients in the United Arab Emirates digitise business expenses, expedite their accounts payable and receivable procedures, improve payment security, and increase cash flow.
The UAE’s landscape for digital commercial payments is changing as a result of corporate clients seeking to enhance working capital and payment operations, which is fueling the region’s aspirations for a digital economy.
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By streamlining transactions across a range of spend categories, from managing travel expenses and other business-to-business transactions to day-to-day expenses and supplier payments, the new programme seeks to improve visibility and efficiency in commercial payment flows.
Nandan Mer, Group CEO of Network International commented: “We are delighted to achieve yet another milestone in Network’s 30-year journey of creating world-class digital payments infrastructure and services for clients in the UAE and the wider region. By launching the new Business Payment Solutions for the first time, Network aims to unlock further growth opportunities for businesses and corporations in the UAE. By making progressive inroads into digitisation of commercial payments, Network continues to contribute towards the UAE’s aspirations for a cashless economy.”
Network will provide a range of commercial payment options as part of the Programme, aimed for UAE-based retailers and other enterprises with a range of use cases and applications:
Businesses of all sizes can benefit from a number of features and strong cost management controls offered by the Corporate Executive Card.
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The first net-zero foreign transactions in the UAE will be available with the Incontrol Digital Business Payments virtual card for both domestic and international payments.
Customers in the travel sector will benefit from the Mastercard Wholesale Programme Digital Travel Payments, which will safeguard, expedite, and automate B2B travel payment transactions.
J.K. Khalil, Division President, East Arabia, Mastercard commented: “At Mastercard, we are committed to removing fragmentation and complexity from commercial payments, and we are delighted to strengthen our long-standing collaboration with Network to support commercial customers in the UAE. Building on our shared commitment to driving digitisation and innovation, we are embedding Mastercard’s digital payment expertise, expense management and card technologies into the new Commercial Card Program. By combining our capabilities and reach, more companies across UAE will be able to pay and get paid quickly and securely, boosting liquidity and removing friction from the system.”
The solution uses Mastercard’s virtual card technology and an innovative pricing approach to lower travel business payment costs.
After the UAE Central Bank approved Network’s Stored Value Facility (SVF) licence, the landmark announcement was made. As an SVF licensee, Network will provide prepaid card issuing and wallet provisioning for its partners and customers in addition to Business Payment Solutions.
About Network International
Network International established long-term, trusted relationships with many of the Middle East and Africa’s top merchants, financial institutions, and payment networks over the past 30 years.
About Mastercard
Mastercard is a worldwide payments technology firm. Their goal is to connect and power an inclusive digital economy that benefits everyone by making transactions safe, simple, smart, and assessible.
