Australian supply chain finance company Octet is partnering with MasterCard to explore new ways of providing short-term financing at low rates.
MasterCard’s Virtual Card offering will be made available via Octet’s platform. Payments would be made on the same day to the supplier but with buyers getting up to 55 days to settle their account.
Octet chief executive Clive Isenberg said the alliance was “another step towards replacing antiquated transaction and payment methods” and that it would provide funding to businesses through a secure gateway. “It enables us to build the Octet offering for businesses on a global scale,” he said. “Buyers and sellers are now realising that B2B procurement (using card numbers) is not only for rewards such as frequent flyer miles.”