4thWave Inc launches its B2B payment solution for the UAE
With the pandemic impacting businesses large and small, Canadian new-generation fintech company 4thWave acknowledges the limitations that traditional lending models have including not providing easy access to finance for those that most need it.
It is estimated that the typical cost for accounts payable (AP) organisation is US$8 to process a single supplier payment. These combined challenges have made the requirement to address them more pertinent than ever before.
Who is 4thWave?
Headquartered in Canada, 4thWAve is a new-generation technology solution provider for supply chains, lending, and the payments ecosystem. The company provides white labelled digital platforms to banks and financial institutions in emerging economies.
4thWave and its partnership with Mastercard Track
As part of 4thWave’s B2B payment solution launch in the United Arab Emirates (UAE), the company has partnered with Mastercard Track Business Payment Service - one of the first global open-loop commercial solutions to automate payments and the exchange of payment-related data.
With this partnership, 4thWave can offer its customers in the UAE flexible working capital programs and address fundamental cost and inefficiency challenges that are currently affecting the B2B payments ecosystem.
How can 4thWave help?
4thWave’s solution helps to streamline the B2B payments providing flexibility and security with virtual card payment offerings, it also helps to extend an organisation's reach to buyers and suppliers.
“Buyers can capture early payment discounts and optimise payments, while Suppliers can receive payments straight through without manual intervention and systematically manage how they get paid,” commented 4thWave.
Commenting on the launch Sutanu Gupta, President of 4thWave Inc. said: “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.”
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