Mastercard and Eko-Pay to accelerate digitisation of B2B payments in Asia Pacific with Eko-B2B

Singapore: Recognising the growing opportunity and need to help digitise business-to-business (B2B) transactions, Mastercard has announced its partnership with Eko-Pay to introduce Eko-B2B, a new best-in-class digital payment solution for businesses in Asia Pacific.

Eko-B2B will provide businesses with an automated payment solution that enables them to streamline workflows and improve productivity for B2B payment transactions. Powered by Eko-Pay, a technology company with proprietary solutions for financial and non-financial transactions, Eko-B2B seamlessly integrates with the Mastercard inControl platform to facilitate business payments, reducing inefficiencies and improving transparency. 

According to a study by global consulting firm McKinsey on commercial payment growth in Asia Pacific, 90% of B2B payments in the region are still conducted in cash, representing a significant opportunity to digitise the payment system. Expansion of customer and supplier networks across markets, growth of cross-border transactions and a large informal economy of small and medium enterprises (SMEs) are key reasons cited for the growth of B2B payments in the region. 

The Eko-B2B solution brings greater transparency and efficiencies to all parties in the B2B payment process. Vendor and supplier web portals willenable round-the-clock access to current and historical payment details and dashboards that track key business performance statistics, eliminating the need for manual payment systems and their associated complications and operational inefficiencies.

Multiple payment systems, non-electronic payment methods and supplier resistance are just some of the common pain points for businesses as they attempt to digitise their payment system across their supplier network. With the Eko-B2B solution, Eko-Pay offers the option to manage this onboarding process for the business,allowing them to experience the full benefits of a digital B2B payment solution with minimal time invested. 

The Eko-B2B solution is now available in Asia Pacific; interested businesses should reach out to MastercardorEko-Pay.