SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

Mastercard and Strands collaborate to empower small-to-medium enterprise banking with AI and cutting-edge payment technology
[July 09, 2018]

Mastercard and Strands collaborate to empower small-to-medium enterprise banking with AI and cutting-edge payment technology


MIAMI and BARCELONA, Spain, July 9, 2018 /PRNewswire/ -- Strands and Mastercard announced they are working together globally to provide issuing banks with an integrated platform of digital cash management and commercial payment tools specifically designed to benefit their small-to-medium enterprise (SMEs) customer base.

SMEs are historically an underserved business segment despite their $46 trillion annual spending power. Now, the Strands Business Financial Management (BFM) will leverage Mastercard's digital payment technology to deliver on-demand solutions helping these businesses to better understand their finances, project their short-term cash flow and see personalized recommendations for customized solutions. Both companies' banking clients will benefit from this combined, value-added solution.

"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," said Erik Brieva, Strands' CEO.

Strands' BFM solution offers a comprehensive set of tools and insights to empower SME owners to achieve better and more efficient management of their cash flow and working capital needs. Thesetools help manage accounts payables, receivables, budgets and provisions and are all powered by a layer of AI and machine-learning models that help users to navigate the financial needs of their businesses. Strands brings the power of AI-enabled solutions to the SME user to allow them predict income, expenses, forecast balances, receive personalized alerts and notifications and recommend products and/or services that meet the immediate needs of their business.



Strands' BFM is entirely designed and built with the issuing bank in mind so that they can offer their SME customers a feature-rich platform to better manage their day-to-day finances. Going forward, users of this BFM platform will also have access to Mastercard In Control, which can help businesses track the use of commercial credit cards, Mastercard Merchant Match Tool to identify merchants that accept credit cards as a form of payment or Mastercard Easy Savings to provide loyalty rewards at select merchants and retailers.

The combined Strands' SME platform and Mastercard payment technology is designed to empower customers across the globe. "Once more, Strands is showing a true determination to become the preferred FinTech partner for banks by developing world-class software and alliances that create value and contribute to the success of these financial institutions," said Brieva.


About STRANDS
Strands is the FinTech partner for banks, serving more than 600 bank implementations with over 100 million customers in 36 countries. Clients include Barclays, BBVA, Santander, Commercial Bank of Africa, Deutsche Bank, and Huntington, among others.

Strands is a FinTech pioneer with the award-winning solution for Personal Financial Management (PFM) launched in 2008 in the United States and Europe. Strands Finance Suite today includes a portfolio of products that share a common foundation based on Big Data Processing, Artificial Intelligence, Machine Learning, Open API and best-in-class Customer Experience.

The company's mission is to enable banks and merchants to anticipate customer needs and proactively suggest next-best-actions to increase long-term customer value. Strands' solutions empower people to better manage their financial and consumption life, and take decisions in a smarter, more transparent and independent way.

www.strands.com

Cision View original content:http://www.prnewswire.com/news-releases/mastercard-and-strands-collaborate-to-empower-small-to-medium-enterprise-banking-with-ai-and-cutting-edge-payment-technology-300676336.html

SOURCE Strands


[ Back To TMCnet.com's Homepage ]







Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy