B2B payments-focused FinTech EedenBull and global payment services platform Diners Club International on Tuesday (Oct. 19) announced a strategic partnership to fill in some of the gaps they see in the space, according to a Financial IT report.
The agreement means EedenBull banks will have Diners Club International cards available for issuance for B2B customers who are particularly interested in travel and entertainment. It’s part of the growing EedenBull Commercial Payments-as-a-Service (CPaaS) platform of products.
“As the global business world begins to engage with international travel again, it is vitally important for companies to have efficient and effective management of spend and expenses,” said Nicki Bisgaard, CEO and Co-Founder of EedenBull, in the joint announcement.
“Our new agreement allows banks to offer payment solutions associated with Diners Club International alongside the market leading technology of EedenBull,” he said. “EedenBull is delighted to be working with Diners Club International and is looking to broaden our integration to the advantage of both companies and our mutual customers internationally.”
The partnership brings together EedenBull’s technology and bank partner network with Diners Club’s global reach. EedenBull’s banking partners will realize decreased complexity, lower costs and an enhanced user experience for their business and corporate customers, the announcement says.
“We see many new opportunities for us to jointly help banks launch and digitize their commercial products offering,” said Matt Sloan, Vice President International Markets at Diners Club International, in the joint announcement.
“The ever-increasing regulation and technical complexity, as well as other priorities within banks, makes the EedenBull and Diners Club International offering very attractive for bank customers of all sizes,” he said.
Diners Club International, part of the Discover Global Network, is accepted at almost 40 million merchant locations and 1.3 million ATMs in more than 200 countries and territories.
Related: EedenBull On Why The Time Is Now For Firms To Make The B2B Automation Switch
The pandemic has accelerated the need for many businesses to upgrade their domestic and cross-border B2B payment processes with speed and efficiency in mind, Bisgaard said in an earlier interview with PYMNTS. Many companies, he said, are looking for the same level of seamlessness in their business transactions that they’ve had for years as private consumers.
The quest to eliminate these frictions has led to the adoption of virtual cards for businesses that allow them to enable payments that are managed on a single platform.
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