Saudi Arabia-based software-as-a-service (SaaS) procurement management firm Penny Software has partnered with technology giant Mastercard to offer its customers a better business-to-business payment experience through the Mastercard Track Business Payment Service.
According to the company, “The collaboration will pilot Mastercard Track in Saudi Arabia and the greater Middle East and North Africa (MENA) region.”
Mastercard Track enables secure and efficient electronic payments between buyers and providers through a global open-loop network. It provides businesses more control over their payments with rich data exchanges and the capacity to automate payments across different payment rails.
Mr. Iyad Aldalooj, CEO at Penny Software said, “Our mission at Penny is to provide efficiency and empower organizations. Mastercard Track Business Payment Service fulfills our mission by enabling penny users to wire-transfer money to their vendors through the penny procurement software.”
“There is a structural need to digitize and automate B2B payments accelerated by the global pandemic and Mastercard Track allows us to fully take advantage of this opportunity. We are delighted to partner with Penny Software to further deliver on modernizing the business payment ecosystem in Saudi Arabia and the wider Mena region by delivering a better payment reconciliation experience for corporate and SME customers looking to optimize the way the pay and get paid.”
“COVID-19 reinforces our commitment at penny of digitizing procurement from request to payment. Our partnership with Track enables our users to streamline their business payment through the penny platform,” commented Mr. Majid Aldalooj, COO of Penny Software.
Founded in 2020, Penny Software is a provider of procure-to-pay enterprise software that enables businesses of all kinds to better manage their procurement and spending. Further, Penny is developing a Business to Business (B2B) marketplace in Saudi Arabia with the goal of digitizing B2B sourcing and procurement in the construction industry. The Penny software team currently operates out of Saudi Arabia, the UAE, and India.