Member News: Mastercard And Strands Collaborate To Empower SME Banking With AI And Cutting-edge Payment Technology
Mastercard is partnering with fintech startup, Strands Finance to offer issuing banks digital cash management tools aimed at SME customers. Strands will tap into Mastercard’s BFM (business financial management) offering, which helps small firms manage accounts payables, receivables, budges and provisions. “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,” shared Mike Brieva, CEO of Strands. In-house research from Strands suggest that 61 percent% of SMEs place cash flow management as one of their top three priorities to secure their financial future. Strands BFM tools are aimed to help SME priorities. Both Strands Finance and Mastercard are SME Finance Forum members.