RAKBANK partners with Mastercard to launch a corporate payment solution
National Bank of Ras Al-Khaimah (RAKBANK), a United Arab Emirates-based bank has collaborated with Mastercard to deliver a corporate payment solution. The corporate payment solution will include Corporate Purchase Card, Corporate T&E Card and B2B virtual card which will allow corporations to manage and control their accounts payable. The product offerings by RAKBANK are for the UAE market.
The RAKBANK Corporate Purchase Mastercard is offered to make B2B, B2G and Cross-border payments. Other offerings by the RAKBANK and Mastercard include Virtual Card which is issued online to corporates to help them make transactions and comes with Enterprise Resource Planning (ERP) integration.
“The use of electronic and digital-platforms have opened new opportunities for the potential use of cards for spends that were traditionally transacted in cash and cheques,” said Managing Director of Personal Banking, Frederic de Melker.
The cards offered by RAKBANK are free and come with 55-day interest-free credit to corporates and also offer consolidated e-statements.