First Abu Dhabi Bank (FAB) has become the first bank in the Middle East and North Africa (MENA) to initiate an innovative embedded finance and payments solution, developed in collaboration with Oracle and Mastercard. This partnership, WAM reported, merges the capabilities of these two industry leaders to transform business-to-business (B2B) finance and payment processes for FAB clients, significantly improving efficiency, security, financial transparency, and supplier relationships.
The integration of Mastercard’s virtual card platform directly within Oracle Fusion Cloud Enterprise Resource Planning (ERP) software effectively tackles prevalent issues in commercial payments—such as fragmented data, systems, and processes—by providing a seamless, turnkey payment solution that abolishes the need for expensive and time-consuming technology implementations.
Through this collaboration, FAB’s corporate clients will enjoy benefits including quicker, more secure, and transparent payments. Moreover, the virtual card solution automates manual processes, streamlines workflows, and offers real-time insights into cash flow and expenditures, empowering businesses to enhance operational efficiency and decrease costs.
Streamlining operations for mutual customers
Gina Petersen-Skyrme, SVP and country manager, UAE and Oman, Mastercard, remarked, “In an increasingly fast paced environment, businesses of all kinds are turning to virtual cards to bring the ease, security, and efficiencies of digitization to their operations. At Mastercard, we are delighted to leverage our 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, stated, “This 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. Mutual customers can now streamline key finance and operational functions and enhance working capital management.”
