Norwegian fintech company EedenBull has teamed with payments giant Mastercard to launch a new AI-backed cards and spend management platform, promising small and medium-sized enterprises (SMEs) a more efficient expense management and payment processing experience.
As an extension of a longstanding partnership between the pair, Mastercard will refer EedenBull’s Q Business platform to its network of customers issuing cards, including local Australian FSIs, to SMEs in the region.
The service will initially be made immediately available to issuers across Australia and New Zealand, alongside Singapore, the Philippines and Malaysia, before it is expanded region-wide.
According to Mastercard, the partnership represents the first time that a payments network in the Asia Pacific region is collaborating with a fintech to support a white-labelled Expense Management System (EMS) and Card Management System (CMS) solution for SMEs.
The Q Business platform, which is available through mobile apps and web interfaces, delivers “a one-stop AI-powered digital platform”, offering SMEs full visibility of operational spend across the business, Mastercard said.
“Q Business simplifies expense management and payment handling, and gives real-time insight into transaction patterns,” it said. “This allows SMEs to effortlessly issue, manage and oversee cards for their employees via mobile and web, ensuring transparency and control over expenditure, and driving improved business operations.”
As part of its Q Business platform support, EedenBull will also handle all integration work for issuers, including set up of their branded solution, issuer sales training, and managing support for their SME customers.
Nicki Bisgaard, chief executive of EedenBull recognised that despite SMEs’ “essential” role in the global economies, “they often lack access to cutting-edge payment technology”.
“Q Business provides business owners with enhanced visibility and control over financial processes, ultimately increasing card issuance among employees.”
Mastercard said the extension of its collaboration with EedenBull aligns with its strategy of working with fintech firms to drive innovation and create opportunities for its partners.
