DUBAI, United Arab Emirates--(BUSINESS WIRE)--Today, 4thWave Inc., a Canada based fintech, launched an integrated working capital financing and B2B payment solution in the United Arab Emirates (UAE).
The pandemic has impacted most businesses, small and large. However, the traditional lending models have not provided easy access to finance to those most in need. Combined with high processing costs for payments, this is estimated to cost a typical Accounts Payable (AP) organisation on average $8 to process a single supplier payment and has made the requirement to address these challenges more pertinent that ever.
4thWave Inc. is a new-gen technology solution provider in supply chain, lending, and payments ecosystem for all players. In partnership with Mastercard Track™ Business Payment Service, one of the first global open-loop commercial solution built to automate payments and exchange of payments-related data between buyers and suppliers - 4thWave Inc., will be able to offer flexible working capital programs for the businesses in addition to addressing the fundamental challenges of costs and inefficiencies currently affecting the B2B payments ecosystem.
The solution can help streamline B2B payments with flexible and secure virtual card payment offerings and extended reach to buyers and suppliers. Buyers can capture early payment discounts and optimize payments, while Suppliers can receive payments straight through without manual intervention and systematically manage how they get paid.
Having recognised the gaps in the B2B financing and payment ecosystem, Sutanu Gupta, President of 4thWave Inc. believes that “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.”
4thWave Inc. will join Mastercard Track as both a buyer payment agent and supplier payment agent. This integrated offering will be provided in platform-as-a-service model to lenders and the supply chain ecosystems in United Arab Emirates.
About 4thWave
4thWave is a Canada based Banking Platform provider with focus on providing white labelled Digital Platforms to the Banks and Financial Institutions in emerging economies. The 4thWave platform has laser like focus in increasing Revenue for our partner financial institutions. The plug & play solution enabled by low-code platform design enables fast go-to-market. The company has been founded by successful professionals and serial entrepreneurs with years of experience in Banking and Technology domain in global markets.
*Source: AETOSWire
