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.
“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.