Strands Business Financial Management and MasterCard recently announced they are working together to offer an integrated platform of digital cash management and commercial payment tools to support SMEs.
Strands will use MasterCard’s digital payment technology to deliver on-demand solutions. This is mainly to help businesses understand their finances, project their short-term cash flow and see personalized recommendations for customized solutions, according to a press release.
“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. Our in-house research shows that 61% of SMEs place cash flow management as one of their top three priorities to help them secure their financial future, but the banking solutions offered today by issuer banks do not address these unique requirements,” said Erik Brieva, Strands’ CEO.
The tools provided by Strands will allow SME owners to gain more leverage in their business dynamics. Using Artifiical Intelligence, the tools will enable them to manage accounts payables, receivables, budgets and provisions. Additionally, SME users will be powered to extract insight over various factors such as income, expenses, forecast balances, receive personalised alerts and notifications and recommend products and services for their business needs.
“Once more, Strands is showing a true determination to become the preferred FinTech partner for banks by developing world-class software and alliances that create value and contribute to the success of these financial institutions,” Brieva added.