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Partnership aims to make commercial payments more seamless, secure and convenient
Abu Dhabi, UAE, February 10 2021: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has signed a five-year strategic partnership deal with global payments technology leader Mastercard for the enablement of commercial cards and payments solutions. Together, they aim to simplify business-to-business (B2B) payments for companies in the UAE, making them more seamless, secure and convenient.
Mastercard’s commercial cards and payment platforms will be made available to FAB customers, along with an extensive range of product benefits addressing the needs of businesses and their employees.
Under this partnership, customers can benefit from Mastercard’s In Control solution, an exclusive platform that helps large corporates to streamline their card payments and enhance their cashflow, while ensuring the most advanced security. Along with comprehensive and sophisticated reporting capabilities, the service offers businesses better access to data and analytics.
FAB will also launch the Mastercard Purchase Card, which will provide smart data and virtual card capabilities enabling commercial and government payments. The bank will further offer a range of Mastercard Travel and Entertainment Cards that allow corporates to empower their employees to make business-related expenditures in a safe and rewarding manner.
Ramana Kumar, EVP and Head of Payments and Digital, PBG, FAB said: “Commercial payments is an increasing area of focus for FAB, and we are constantly working towards developing advanced solutions that enable our customers to make payments digitally, in a safe and secure manner. As we continue to build on our position in the payments space, our partnership with Mastercard allows us to serve businesses through their leading digital solutions. This move is a testament to our commitment to support both our customers and wider economic recovery.”
“First Abu Dhabi Bank has long been a strategic partner of Mastercard in the UAE. Today, we mark a new milestone in this relationship as we expand our solutions and commitment to UAE businesses, supporting them in their digital transformation journeys. The COVID-19 pandemic has changed the way business is done across all sectors, and B2B payments are ripe for modernization and enhanced efficiencies. This partnership will address the challenges that traditional channels pose for UAE businesses by making corporate payments simpler, more secure and convenient,” added Girish Nanda, Country Manager, UAE & Pakistan, Mastercard.