FAB, Mastercard launch new Virtual Corporate Debit Card
ABU DHABI, 3rd February, 2022 – First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has partnered with Mastercard to launch the new FAB Virtual Corporate Debit card.
The new offering expands the range of FAB’s Global Transaction Banking (GTB) Virtual Account e-commerce enabled product capabilities for corporate and commercial clients.
The new card offering provides companies with unrivalled flexibility and control in managing payments to vendors, and a viable alternative to standard business payment methods that have come under pressure during the pandemic.
The new virtual card provides a range of capabilities beyond those available with a physical card and comes with the benefits of FAB’s next generation virtual account management.
It allows clients to request multiple virtual cards linked to their physical or virtual account, assigned to specific units or individuals within the organisation for authorised business expenses.
This proposition comes with a self-service portal for clients to manage the issuance and maintenance of cards themselves, with newly issued cards available immediately for activation and usage.
Gautam Dutta, Head of Global Cash Product Management, GTB at FAB, said, “FAB’s Virtual Corporate Debit Card in partnership with Mastercard is a tailored solution that solves immediate challenges that many businesses face.
Working from home has resulted in companies increasingly sourcing from vendors online, and difficulty in accessing traditional payment systems during the pandemic has put a greater emphasis on straightforward, easy-to-manage payments.
While many suppliers were previously unwilling to accept cards because they would incur processing costs compared with inter-bank payments, an increasing number are now appreciating the certainty and immediacy of payment that virtual cards can offer.
Suppliers can also reach a wider pool of buyers by being more flexible in the range of payments they accept.
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Girsh Nanda, Country Manager – UAE & Pakistan, Mastercard, said, “Digital payments have experienced the largest increase in business-to-business volumes since the start of the pandemic and this shift is undoubtedly permanent.
Convenience and increased efficiencies for businesses will continue to fuel demand for innovation within this space and as a trusted technology partner, Mastercard is committed to bringing solutions that make commercial payments simpler, secure and seamless.
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Key benefits of the FAB Virtual Corporate Debit Mastercard card include issuance, maintenance and funding using FAB’s corporate electronic banking channel, availability in AED and USD currencies, and the ability to preset payment amounts and link them to invoices being paid.
Virtual cards can be created for single-use or multiple-use, and usage limits can be defined by way of transaction limit and count, date range, and merchant category code, among others.
The new solution onboarding is quick and simple, with real-time notifications and reporting providing complete visibility of card spends.
Online payments feature 3D secure OTP transaction authorisation, while in-person point of sale payments can be made by integrating the virtual card with secured digital wallets such as Apple Pay, Samsung Pay or Google Pay.
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