FAB Becomes First Bank In MENA To Implement Oracle-Mastercard Virtual Card Solution For B2B Payments

First Abu Dhabi Bank (FAB) has become the first financial institution in the Middle East and North Africa (MENA) region to test a new embedded finance and payments solution. This initiative is a result of a collaboration with Oracle and Mastercard, aiming to improve business-to-business (B2B) finance and payment processes for FAB clients. The partnership focuses on enhancing efficiency, security, transparency, and supplier relationships.

The integration involves Mastercard’s virtual card platform being embedded into Oracle Fusion Cloud Enterprise Resource Planning (ERP) software. This addresses common issues in commercial payments like fragmented data and systems by providing a seamless payment solution. It eliminates the need for expensive and time-consuming technology implementations.

FAB’s corporate clients will experience faster, more secure, and transparent payments through this partnership. The virtual card solution automates manual tasks, streamlines workflows, and provides real-time insights into cash flow and spending. This helps businesses improve operational efficiency while reducing costs.

Gina Petersen-Skyrme, SVP and Country Manager for UAE and Oman at Mastercard, stated: "In an increasingly fast paced environment, businesses of all kinds are turning to virtual cards to bring the ease, security, and efficiencies of digitization to their operations. At Mastercard, we are delighted to leverage our innovative virtual card platform to expand the benefits of embedded finance in Oracle Cloud ERP to FAB’s commercial customers."

Liam Nolan, Vice President of Applications Development at Oracle, commented: "This collaboration introduces a proven consumer payment method to the B2B world, simplifying supplier onboarding, reducing risk, and enhancing working capital management for both buyers and suppliers. Mutual customers can now streamline key finance and operational functions and enhance working capital management."

This innovative approach is set to transform how businesses manage their finances by integrating advanced technology solutions directly into their existing systems. By doing so, it aims to address long-standing challenges in commercial payments effectively.

The collaboration between these industry leaders highlights a significant step towards modernising financial processes within the MENA region. It underscores the importance of leveraging technology to drive efficiency and transparency in business operations.

With inputs from WAM