PURCHASE, N.Y.—Mastercard has announced a partnership with the fintech firm Octet Europe.
The two firms said they will work on a package of solutions offered to small and medium-sized enterprises (SMEs) in the European Economic Area (EEA), FXcompared reported.
This package will include a secure payment service designed for making cross-border payments.
Overall, the package will be called the Mastercard Trade Solution and will also offer the chance for cash flow management and value chain monitoring. There will also be a risk management element to the new service, FXcompared said.
Octet’s business-to-business trade platform works to find out and monitor information about the firms it interacts with, including when it comes to anti-money laundering (AML) rules as well as Know Your Customer (KYC) rules.
Consequently, one of the aims of the partnership, according to Mastercard, is to help smaller firms trade and pay internationally with confidence and trust, FXcompared said.