Monday, 19 December 2016 12:12

Octet seals deal with Mastercard on global supplier payments

By
Octet seals deal with Mastercard on global supplier payments Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Supply chain finance industry provider Octet Finance has forged an alliance with Mastercard  to enable businesses to pay global suppliers.

The alliance will enable Mastercard’s members to offer their B2B clients the ability to make cross-border supplier payments using their existing Mastercard debit and credit cards.

Clive Isenberg, chief executive of Octet, says Octet users will benefit from the integration of Mastercard’s “cutting edge payment offerings”, such as the Mastercard Payment Gateway Services (MPGS) and the configurable Virtual Card Number (VCN) feature, on the Octet platform.

The alliance with Octet and with Mastercard, at the heart of B2B commerce, enables global suppliers to be reimbursed by domestic buyers within the same business day.

“The alliance with Mastercard’ is another step towards replacing antiquated transaction and payment methods with a secure gateway to procure and fund business to business transactions. It enables us to build the Octet offering for businesses on a global scale,” Isenberg said.

“Buyers and sellers are now realising that B2B procurement (using card numbers) is not only for rewards such as frequent flyer miles, but also the security, efficiency, cost and speed offered by the Mastercard network in addition to the working capital benefits of up to 55 payment-free days provided by the issuer.”

The Octet Finance supply chain technology platform enables payments to be made through the secure Mastercard Payment Gateway Services, facilitating the e-commerce transaction with all parties including the buyer, seller and their respective financial institution.

Andrew Cartwright, country manager for Mastercard Australia, said the alliance enables businesses in Australia and New Zealand to use their existing card facilities linked to a Mastercard commercial credit or debit card to facilitate payments to suppliers.

“The Octet platform in conjunction with Mastercard capabilities removes friction from complex finance and often manual processes while providing full transparency and visibility of transactions.”

The alliance with Mastercard follows a recently announced partnership between Octet and the Westpac Banking Group to launch Business Link, an Octet-enabled supply chain management platform.

CHIEF DATA & ANALYTICS OFFICER BRISBANE 2020

26-27 February 2020 | Hilton Brisbane

Connecting the region’s leading data analytics professionals to drive and inspire your future strategy

Leading the data analytics division has never been easy, but now the challenge is on to remain ahead of the competition and reap the massive rewards as a strategic executive.

Do you want to leverage data governance as an enabler?Are you working at driving AI/ML implementation?

Want to stay abreast of data privacy and AI ethics requirements? Are you working hard to push predictive analytics to the limits?

With so much to keep on top of in such a rapidly changing technology space, collaboration is key to success. You don't need to struggle alone, network and share your struggles as well as your tips for success at CDAO Brisbane.

Discover how your peers have tackled the very same issues you face daily. Network with over 140 of your peers and hear from the leading professionals in your industry. Leverage this community of data and analytics enthusiasts to advance your strategy to the next level.

Download the Agenda to find out more

DOWNLOAD NOW!

Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments