To assist small and medium-sized businesses (SMBs) in expanding their operations, Mastercard and Octet Europe rolled out a new trade system throughout the European Economic Area (EEA). The Mastercard Trade Solution, which is fueled by Octet, helps firms trade domestically and internationally by allowing for safe payments, a credible value chain, streamlining of back office work and handling of cash flows per a Thursday (June 11) announcement.
“At Mastercard, we are committed to remaining the partner of choice for businesses of all sizes and to powering economies,” Milan Gauder, Mastercard Europe executive vice president of product and innovation, said in the announcement. He added that, working with Octet, the two companies would help SMBs “thrive in the global economy by unlocking their potential with flexibility, confidence and peace of mind.”
The business-to-business (B2B) trade network of Octet Europe, which is based on the cloud, reviews every firm in the system. Every company trading on the network is verified through know your customer (KYC), anti-money laundering (AML), economic trade sanctions and counter-terrorism-financing procedures to decrease risk for all those on the network.
Additionally, the new trade platform lets SMBs make payments to suppliers and manage cash flows — as well as harness loyalty rewards and card perks. Those making a purchase through the platform can also decide to make a card payment, including in instances when the seller doesn’t process card payments. At the same time, suppliers can receive payments in their bank accounts whatever way the purchaser decides to make a payment.
In separate news, Mastercard said in September that it had become a part of the Marco Polo Network. The network, along with its over 25 member banks, seeks to harness a possibly $1.5 trillion international trade finance market per news at the time.