Mastercard announced on Thursday it has joined forces with Octet Europe to launch of a new trade solution across the European Economic Area (EEA). According to Mastercard, the Mastercard Trade Solution powered by Octet Europe with a goal to help small and medium-sized enterprises (SMEs) grow their business by managing any business transaction in a safe, real-time, and more efficient way.
“The Mastercard Trade Solution facilitates domestic and cross border trade by enabling a trusted value chain, secure payments, management of cash flows and simplifying back office functions thereby supporting economies globally by powering the vital SME sector.”
Mastercard further revealed that the tool also helps small business owners manage and simplifying multiple tasks by enabling them to track, validate, and authorize every step of a business transaction and settle B2B purchases using cards (debit or credit) with full visibility of all supporting trade documentation. While sharing details about the solution, Milan Gauder, Executive Vice President of Product and Innovation at Mastercard Europe, stated:
“The Mastercard Trade Solution powered by Octet will help the vital SME sector thrive in the global economy by unlocking their potential with flexibility, confidence and peace of mind. At Mastercard, we are committed to remaining the partner of choice for businesses of all sizes and to powering economies.”
Margrith Lutschg-Emmenegger, CEO and Co-Founder Octet Europe added:
“We are excited and delighted to be partnering with Mastercard and see tremendous potential in making our unique product offering available to SMEs across Europe via their powerful partner network. It is an exceptional opportunity to create more usage of corporate cards for procurement and trade, which will greatly support SME’s and their role in sustaining global supply chains.”