4thWave launched financing and payments solution in UAE

Canada based non-bank payments company, 4thWave has announced the launch of its integrated working capital financing and B2B payment solution in the United Arab Emirates (UAE).

As noted by the company, the pandemic has impacted businesses and traditional lending models have not provided access to finance, this is along with combined high cost for payments.

The solution launched by the company in the UAE can help for ‘B2B payments with flexible and secure virtual card payment offerings and extended reach to buyers and suppliers’.

In the UAE last month, ACI Worldwide connected national banks with UAE’s real-time payments.

As the company noted, buyers can have ‘early payment discounts and optimize payments, while Suppliers can receive payments straight through without manual intervention and systematically manage how they get paid’.

In terms of Mastercard presence in the region, Penny Software signed partnership with Mastercard to launch Mastercard Track Business Payment Service while it also partnered with HSBC to roll out B2B payments in UAE.

“the integrated approach between Mastercard and 4thWave Inc. will converge the buyer and supplier ecosystems on a single platform which will help facilitate frictionless B2B payments and affordable working capital financing in UAE. Businesses will now be able to carry out financing and collections of their payables and receivables seamlessly taking advantage of the expansive Mastercard payment ecosystem and 4thWave’s financing ecosystem.” said Sutanu Gupta, President of 4thWave Inc.

The company in collaboration with Mastercard Track Business Payment Service, 4thWave is offering ‘flexible working capital programs for the businesses in addition to addressing the fundamental challenges of costs and inefficiencies currently affecting the B2B payments ecosystem’.

It will join Mastercard as both buyer payment agent and supplier payment agent and the integration will be provided in a platform-as-a-service model to lenders and the supply chain ecosystems.

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