Romanian bank BRD – Groupe Société Générale has become the first bank in Europe to roll out the Mastercard Trade Solution, a new trade platform for European SMEs launched last month.

The platform was co-created by Mastercard and supply chain management fintech company Octet Europe, and aims to help SMEs achieve payment security and better manage their cash flows.

The solution links together Mastercard’s payment services with Octet Europe’s cloud-based B2B trade platform, which verifies suppliers and buyers with anti-money laundering (AML), know your customer (KYC), counter terrorism financing and economic trade sanctions processes. This makes it easier and safer for SMEs to find new business partners abroad and access foreign markets.

The addition of Mastercard’s payment services means that buyers have the choice to pay by card even if the supplier doesn’t process card payments; meanwhile sellers can accept payments to their bank accounts regardless of how the buyer chooses to pay. The companies say that this will make managing finances more convenient for users.

Through the partnership with Mastercard and Octet Europe, BRD will now offer the new solution to its clients to support them in the development of their businesses. BRD customers can register online and, following a verification process, gain access to the platform. They will also receive a 10% discount on the standard fee for payments made with the BRD Business Mastercard card on the platform.

“The platform was designed to simplify the work of entrepreneurs, giving them the opportunity to have control and visibility over the B2B transactions performed,” says Cosmin Vladimirescu, country manager of Mastercard Romania and Croatia. “We are pleased that, through the partnership with BRD, entrepreneurs in Romania will be the first in Europe to be able to access the benefits of the solution, in order to exploit their business potential, at a time when we are facing new challenges and we need to find sustainable solutions.”