Sydney-based Octet Finance, a provider of supply chain management and financing tools for small and midsize businesses, has formed an alliance with Mastercard enabling users to make cross-border payments using their existing Mastercard credit and debit card accounts via virtual card technology.
By configuring the Mastercard Payment Gateway Services and its Virtual Account Number feature on the Octet platform, Octet will enable same-day reimbursement for its domestic customers paying suppliers in other countries, Octet said in a Dec. 19 press release.
“The alliance with Mastercard is another step toward replacing antiquated transaction and payment methods with a secure gateway to procure and fund business to business transactions," said Clive Isenberg, Octet CEO, in the press release. The new approach quickly finalizes the buyer-supplier transaction and enables users to capture working capital benefits of up to 55 payment-free days provided by the card issuer, he added.
“The Octet platform in conjunction with Mastercard capabilities removes friction from complex finance and often manual processes, while providing full transparency and visibility of transactions,” said Andrew Cartwright, country manager for Mastercard Australia, in the release.
Octet, established in 2008, serves more than 10,000 suppliers in 60 countries. Its customers include the Bank of Nanjing and Asia Factor Ltd, both based in China, along with Accord Financial, which has offices in the U.S. and Canada, and Octet Express Payment Institution AS in Turkey, the company said.