FinTech focused on B2B payments EedenTaurus and global payment services platform Diners Club International Tuesday, October 19, announced a strategic partnership to fill some of the gaps they see in the space, according to a Financial IT report.
The deal means that EedenBull banks will have Diners Club International cards available for issuance to B2B customers who are particularly interested in travel and entertainment. It is part of EedenBull’s growing Payment as a Service (CPaaS) platform.
“As the global business community begins to engage in international travel again, it is vitally important for businesses to have effective and efficient spending and expense management,” 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 market-leading technology from EedenBull,” he said. “EedenBull is delighted to be working with Diners Club International and seeks to broaden our integration for the benefit of both companies and our common clients internationally.
The partnership brings together EedenBull’s network of technology and banking partners with the global reach of Diners Club. EedenBull’s banking partners will benefit from reduced complexity, reduced costs and an improved user experience for their businesses and professional customers, the announcement says.
“We see many new opportunities for us to jointly help banks launch and digitize their commercial product offering,” said Matt Sloan, Vice President of International Markets at Diners Club International, in the joint announcement.
“Ever-increasing regulation and technical complexity, along with other priorities within banks, make the EedenBull and Diners Club International offering very attractive to banking clients of all sizes,” he said.
Diners Club International, part of the Discover Global network, is accepted at nearly 40 million outlets and 1.3 million ATMs in more than 200 countries and territories.
Related: EedenBull explains why now is the time for businesses to move to B2B automation
The pandemic has accelerated the need for many businesses to upgrade their domestic and cross-border B2B payment processes for speed and efficiency, Bisgaard said in a previous interview with PYMNTS. Many companies, he said, seek the same level of transparency in their business transactions that they have had for years as private consumers.
The quest to eliminate this friction has led to the adoption of virtual cards for businesses that allow them to enable payments managed on a single platform.