UAE-based RAKBANK has teamed up with Mastercard to launch a suite of card solutions for corporates.
The newly launch corporate payment solutions suite includes a Corporate Purchase Card, Corporate T&E Card, and B2B Virtual Card.
The newly launched commercial card solutions are aimed at enabling corporates to manage their accounts payables with greater control.
RAKBANK managing director of personal banking Frederic de Melker said: “The use of electronic and digital platforms opens up new opportunities for the potential use of cards for expenses that have traditionally been spent in cash and checks.
“We therefore see an opportunity to launch a suite of robust and specialised corporate payment solutions that enable companies to seamlessly manage their employee expenses and simplify the order process to enable business-related payments with improved controls and transparency.”
Using the RAKBANK Corporate Purchase Mastercard Card, corporates can make B2B, B2G and cross-border payments at company level.
It features the SmartData cost monitoring and management tool to enable firms to monitor travel and entertainment costs.
Powered by Mastercard’s In Control Platform, the virtual card variant of the RAKBANK Corporate Purchase Card can be directly linked to purchasing orders, invoices or project numbers.
The bank added that all the offerings come with consolidated e-statements of all spends to facilitate easy reconciliation.
The corporate cards, which offer 55-day interest-free credit to corporates, are free for life.
Mastercard general manager for UAE & Oman Girish Nanda said: “As a trusted technology partner to businesses worldwide, Mastercard’s corporate card suite offers business leaders effective tools to better manage their operations and grow their businesses while benefitting from the unique benefits available to Mastercard cardholders.”