Strands, Mastercard partner to launch cash management for SMEs

Strands, a FinTech software developer, has partnered with Mastercard to launch a digital cash management platform for SMEs.

The two companies are working together to provide issuing banks with an integrated platform for digital cash management and payment tools to serve their SME clients. This partnership will benefit both companies banking clients.

Strands Business Financial Management (BFM) will utilise Mastercard’s digital payment technology to build a solution which enables SMEs to get a clearer picture of their finances, project short-term cash flow and access personalised recommendations for customised solutions.

The partnership will also allow businesses to track the use of commercial credit cards, identify merchants that accept credit cards for payments and provide loyalty rewards at select merchants and retailers.

Strands is a FinTech solution partner to help banks improve their digital services and anticipate consumer trends. It currently serves over 600 bank implementations, and its clients include Barclays, BBVA, Santander, Commercial Bank of Africa, Deutsche Bank, and Huntington.

The company’s BFM offers a selection of tools and insights to help SMEs increase the management of their cash flow and working capital. Tools available help to manage accounts payables, receivables, budgets and provisions, with these all being powered by AI and machine learning technology.

Its BFM service was created to support issuing banks and SMEs with the day-to-day management of finances.

Strands CEO Erik Brieva said, “SMEs are the backbone of the global economy and represent one of the biggest potential sources of revenue for banks; yet they are typically offered banking solutions designed with the retail customer in mind.

“Our in-house research shows that 61 percent of SMEs place cash flow management as one of their top three priorities to help them secure their financial future, but the banking solutions offered today by issuer banks do not address these unique requirements.”

Last month, Mastercard partnered with Alior Bank, solarisBank and Raisin to launch a new pan-European digital bank. Each of the companies are supplying part of their technology to help create the new bank together. Mastercard is offering its benefit optimisation program to enable the new bank to offer ‘value-added’ services to customers.

Copyright © 2018 FinTech Global

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