First Abu Dhabi Bank (FAB) said it is the first bank in the Middle East and North Africa (MENA) to pilot an innovative embedded finance and payments solution developed in partnership with Oracle and Mastercard.
The collaboration combines the strengths of the two industry leaders to revolutionise business-to-business (B2B) finance and payments processes for FAB clients, enhancing efficiency, security, financial transparency, and supplier relationships.
The integration of Mastercard’s virtual card platform directly into Oracle Fusion Cloud Enterprise Resource Planning (ERP) software, addresses common challenges in commercial payments, such as fragmented data, systems, and processes by delivering a seamless turnkey payment solution, the bank said.
The virtual card solution automates manual tasks, streamlines workflows, and offers real-time insight into cash flow and spending, helping businesses enhance operational efficiency and reduce costs, it said.
The initiative is part of FAB’s efforts to provide its corporate clients with advanced and efficient tools to meet their evolving business needs.
Gina Petersen-Skyrme, SVP and Country Manager, UAE and Oman, Mastercard, said the company is delighted to leverage its 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, said the 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.
According to the 2024 ‘Payment Practices Barometer’, nearly 40 per cent of businesses in the UAE highlight inefficient payment processes as the primary cause of delayed payments.
