Penny Software Teams up with Mastercard to Enhance Its Payment Services

​A Saudi cloud-based Procure-to-Pay system Penny Software (Penny) has teamed up with Mastercard, a global technology company in the payments industry, for the purpose of offering its clients an enhanced business-to-business payment experience via Mastercard Track™ Business Payment Service.

The service will first be rolled out in Saudi Arabia and the greater MENA region. Mastercard Track™ facilitates secure and efficient electronic payments between buyers and suppliers through a global open-loop network. It allows businesses to have greater control of their payments with rich data exchanges and the ability to automate payments across multiple payment rails.

Established in 2020, Penny is committed to providing efficiency and empowering organizations.

​“ Mastercard Track™ Business Payment Service fulfills our mission by enabling Penny users to wire-transfer money to their vendors through the penny procurement software,” said Iyad Aldalooj, Penny CEO.

Additionally, Penny is working on building a B2B marketplace in Saudi with a mission of digitizing the B2B sourcing and procurement for the construction sectors.