Penny Software signs partnership with Mastercard to launch Mastercard Track Business Payment Service

The latest move by Mastercard to expand into the Middle East and Africa region has highlighted the B2B payments push by the company in the past half-year. The company first partnered with Network International, First Abu Dhabi Bank and expanded its presence in Saudi Arabia.

This week, Penny Software has signed a partnership agreement with Mastercard to launch and provide its customers with business-to-business payment service via Mastercard Track Business Payment Service in Saudi Arabia and the greater Middle-East and North Africa region.

The company in its press statement has noted that the ‘collaboration will enhance the region’s B2B electronic payment ecosystem’ while also pointing out the advantages of this service to its clients. Mastercard’s Track facilitates secure and efficient electronic payments between buyers and suppliers through a global open-loop network and also allows businesses to have control over their payments and the ability to automate payments across multiple payment rails.

“There is a structural need to digitize and automate B2B payments accelerated by the global pandemic and Mastercard Track allows us to fully take advantage of this opportunity”, said J.K. Khalil, Country Manager for Saudi Arabia, Bahrain & Levant, Mastercard.

Last month, Eedenbull and Barclaycard Payments signed up to Mastercard Track Business Payment Service separately.

Adding to this Khalil noted that partnership with Penny Software will further ‘deliver on modernizing the business payment ecosystem in Saudi Arabia and the wider MENA region by delivering a better payment reconciliation experience for corporate and SME customers looking to optimize the way they pay and get paid’.

Penny Software is a provider of procure-to-pay enterprise software and according to the press note, it is also building a ‘B2B marketplace in Saudi with a mission of digitizing the B2B sourcing and procurement for the construction sectors’.