First Abu Dhabi Bank (FAB) has inked a five-year strategic partnership arrangement with Mastercard for corporate cards and payment offerings. The two companies seek to jointly streamline B2B payments for firms in the country, making them smoother, safer and more accessible, according to an announcement.
Mastercard’s corporate cards and payment platforms will be made accessible to the financial institution’s clients, in addition to a host of product benefits for companies and employees.
“As we continue to build on our position in the payments space, our partnership with Mastercard allows us to serve businesses through their leading digital solutions. This move is a testament to our commitment to support both our customers and wider economic recovery,” Ramana Kumar, EVP and head of payments and digital, PBG, FAB, said in the announcement.
Clients can utilize Mastercard’s In Control offering with the partnership, which assists enterprises in simplifying their card payments and bolstering their cash flow in addition to ensuring security. The service also provides companies with increased access to information and insights via in-depth reporting functions.
FAB will also roll out the Mastercard Purchase Card, which will offer smart data and virtual card functionalities for business and government payments. It will also provide various Mastercard Travel and Entertainment Cards that will allow employees to make corporate purchases.
“The COVID-19 pandemic has changed the way business is done across all sectors, and B2B payments are ripe for modernization and enhanced efficiencies. This partnership will address the challenges that traditional channels pose for UAE businesses by making corporate payments simpler, more secure and convenient,” Girish Nanda, country manager, UAE & Pakistan, Mastercard, said in the announcement.