Posts Tagged ‘B2B’
Christian Kersten and Stefan Waelde of Lufthansa AirPlus GmbH tell FDE how their invoice management unit, billinx, is helping to streamline financial supply chains.
According to analyst firm Billentis, there are almost one million companies in Europe that send or receive e-invoices, with 985 million e-invoices sent in 2008, and a 45% increase in the B2B sector. As the einvoicing arm of Lufthansa AirPlus GmbH, billinx helps CFOs automate their B2B invoice processes, thereby reducing costs and improving working capital metrics.
‘Since 1996, the core markets in which we have grown and proved the power of our business model are Germany, Austria, Switzerland and Benelux, though of course we are able to follow our clients to any international market,’ explains executive director, invoice management, Christian Kersten.
‘We intend to expand our customer and supplier base throughout Europe, offering a first-class B2B service with reliable e-invoicing and payments services that interface efficiently with all major ERP systems.’
billinx has three core offerings: the billinx eXchange; the billinx account; and the billinx card. With the vast networks of account details amassed by card companies such as AirPlus, it is no surprise that card companies are leading the race when it comes to e-invoicing.
Over 1,000 merchandisers accept the billinx card. However, billinx card holders are not confined to dealing with accredited merchandisers.
‘Where a merchant is not connected to our system, we set up an interface between that supplier and our platform as part of service we call “roll out management”,’ explains billinx director Stefan Waelde. ‘We establish that link at the highest level – an integration interface – with a client’s ERP system. We also run a multilingual online portal that enables clients or merchants to enter a transaction manually. Alternatively, we can scan our clients’ invoices from different suppliers and convert them to an electronic format. Whichever method is used, we provide control of expenditure, the matching of orders, invoices and delivery notes, and, where required, payment systems.’
Taking control
‘The control given to the finance function is particularly important,’ adds Kersten, ‘because it can define a limit on each transaction; where the billinx card can be used and in what time period. Purchasing departments would typically use a single virtual card for their transactions. We can also institute pre-transaction approval for all purchases or for those above an agreed amount.’
For additional security and control of the invoicing process, the billinx eXchange enables qualified digital signatures to be employed. ‘The eXchange links the invoicing party and the invoicing recipient through our trust centre, which verifies both the digital signature and the amounts,’ explains Waelde. ‘For the issuer, it offers flexibility, clear auditing and easy complaints management. For the recipient, there is the reliable digital signature coupled with sales tax recognition as well as an online recording of small vendors.’
‘It is our belief that this high quality and reliable invoice exchange which can of course also be linked to automated payments by our customers, is the future as companies cut costs and boost efficiencies by moving to paperless transactions.’
‘The imperative to cut costs has rarely been greater than now. Until recently, CFOs had been looking for savings on their operations side. But the financial processes and the creation of a truly streamlined financial supply chain have, in our view, been generally overlooked.’
‘Maybe companies imagine such a key beneficial change will be too disruptive at a time when every penny of cashfow counts. But they would be wrong. Including workshops, it takes a maximum of six weeks to set up a client’s ERP system on the billinx eXchange platform and just seven days to establish a supplier. This is a small investment for a big return.’
Lufthansa is reducing costs and paper consumption with OB10 e-Invoicing in its accounting department.
Lufthansa has announced that it is implementing electronic invoicing with OB10, the world’s leading e-Invoicing network. The objective is to use the OB10 service to generate tax-compliant invoices, thereby reducing invoice management costs both in Germany and internationally.
“OB10 is an international operation - like Lufthansa - and fulfils our requirements for electronic invoice processing in the countries that are most important to us. Thanks to our ANY-TO-ANY DATA FORMATTING we can handle any type of invoice format - without requiring our customers or their suppliers to install additional hardware or software.”
“We are proud that with Deutsche Lufthansa AG, we are working with another client who wants to encourage their suppliers to become part of our global network.”
Although the majority of invoices at Lufthansa in Germany are already received via EDI (with the accompanying summary invoice) thousands of paper invoices for goods and services still arrive at Lufthansa every year. The manual processes for managing incoming invoices are not only time-consuming and costly, but also prone to error. All of this will now come to an end. As part of the new e-Invoicing project, which will initially be implemented in Germany and eight other countries including the US, the UK and Canada, the majority of invoices will be processed completely in electronic form using OB10.
Lufthansa equips itself for the future
In addition to the cost savings e-Invoicing delivers, Lufthansa expects the cooperation with OB10 to lead to considerable process simplification. Over the medium term, the entire Financial Supply Chain is to be moved to an electronic process. Additional advantages of the e-Invoicing system include faster transmission of invoices and significantly improved data quality as invoice information is fed directly into the ERP system and its associated archive. Lufthansa will also benefit from higher productivity in its invoice processing due to the automated validation of invoice data. Furthermore, pure electronic invoicing will greatly reduce the number of invoices from suppliers that cannot be allocated, and therefore significantly reduce the accompanying queries and complaints regarding payment. e-Invoicing also has advantages for suppliers as they not only profit from reduced process costs, but also the cost and time delays associated with posting invoices.
“OB10 is an international operation - like Lufthansa - and fulfils our requirements for electronic invoice processing in the countries that are most important to us,” says Martin Steuernagel, Department Manager for External Accounting at Deutsche Lufthansa AG. “That makes OB10 the ideal partner to simplify many of our more complex external invoicing procedures with e-Invoicing. What really tipped the scales for OB10, however, was the supplier enrolment programme, which will ensure that our international suppliers and partners will also be promptly connected to the OB10 network. Nobody else offers this type of programme - in seven different languages - and it will help us save valuable time and resources as we implement the overall project.”
“Thanks to our ANY-TO-ANY DATA FORMATTING we can handle any type of invoice format - without requiring our customers or their suppliers to install additional hardware or software,” adds Jamie Gunn, CEO, OB10. “We are proud that with Deutsche Lufthansa AG, we are working with another client who wants to encourage their suppliers to become part of our global network.”
About OB10
OB10 (www.OB10.com) is the leading global B2B e-Invoicing network. OB10 simplifies and streamlines the complex invoice-to-pay processes. Neither client organizations nor their suppliers are required to implement any hardware or software, and OB10 is independent of data file formats. OB10 can reduce the cost of paper invoice processing by typically 60 percent and can deliver an ROI in less than a year if the program follows OB10′s best practice guidelines. Operational across Europe, North America and Asia, OB10 is compliant with the requirements of VAT, tax and e-Invoicing legislation and receives invoices from suppliers in over 100 countries. To ensure unrivalled and rapid supplier enrollment, each new customer’s suppliers are supported by an implementation services team responsible for getting them up and running on the OB10 network.
ING strengthens focus on electronic invoicing with Anachron After raising its stake in Billington to 100%, ING has now also increased its interest in Anachron, a specialist in the field of electronic invoicing. ING expects the majority of European companies to switch to electronic invoicing within the next five years.
The increase in ING’s stake in Anachron to 30%, as well as the strengthening of the cooperation between its Billington unit and Anachron, illustrate the vision ING has for the future and the role it sees for electronic invoicing in the payments sector. Anachron is one of the top European companies in this rapidly developing market and its expertise makes it a very important partner. The cooperation builds on the activities already developed by the two parties in the field of electronic invoicing and will look at opportunities for their further expansion on the European market through ING’s national and international network.
ING foresees strong growth in the electronic invoicing market. “Within the next five years we expect the majority of European companies to use electronic invoicing,” said Robert Heisterborg, responsible at ING for corporate payments in his capacity as Global Head of Payments and Cash Management for ING Wholesale Banking.”The agreement reached this week between the Confederation of Netherlands Industry and Employers (VNO-NCW) and Dutch SME employers’ organisation MKB-Nederland with the Deputy Ministers of Economic Affairs, Finance and the Interior confirms the expectation that electronic invoicing is going to be the norm.”
Market growth for ING unit
Billington and Anachron ING benefits from the combined forces of its Billington unit and Anachron. Billington is a full-service provider of electronic invoicing solutions for the corporate (B2B) and consumer markets. Anachron is specialised in developing electronic invoicing solutions which are made available through the internet. “We have been developing solutions for e-invoicing since 1999. Via our customers’ websites we present invoices with interesting functionality that optimise both the outgoing and incoming flows of invoices. This makes it possible for customers to consult the e-archive at any given time, providing them not only with information on the status of their invoices but also with the ability to answer customer questions quicker. It also allows recipients to retrieve invoicing data automatically in their own system, creating important cost savings for them too. Used in more than 25 countries, our e-billing solutions are of course completely compliant with all EU regulations. We elected to join forces with ING because of the international network of ING Payments & Cash Management and its leading position both in the Netherlands and abroad,” said Anachron CEO Frank Hoekstra.
Facilitating payments is one of ING’s core activities. Combining its knowledge of payment processes with innovations in the field of electronic invoicing, ING offers a complete range of products from invoicing to payments. This makes ING even better positioned to benefit from a large portion of expected market growth.
Advantages of e-invoicing
Robert Heisterborg: “For companies the advantages of electronic invoicing are quicker payments and better working capital management, on top of the cost savings provided by the transition from manual paper invoicing to automated e- invoicing. Invoices can also be paid automatically.” At the same time, consumers also benefit from electronic invoicing. Heisterborg: “Consumers get their own archive containing all their important invoicing information and an electronic expenditure book providing easy-to-access product information. It’s a simple way to pay invoices.”
As pressure mounts on organisations to be more “green” in their business operations and the continuous drive for greater efficiencies, eBilling is set to change the way companies send invoices to their customers. The market for eBilling solutions is expected to have massive growth in the next few years so Anachron and zumzum have forged a strategic partnership to capitalise on the UK market.
“Having reviewed over 50 eBilling providers across Europe it became very clear why Anachron is in the top 3 eBilling solution providers in Europe” explains Bashrat Din, Managing Director of zumzum. “Anachron is the only vendor that has solutions for large billers through to very small companies. The particular expertise demonstrated by Anachron in the B2B eBilling sector, the advanced set of features and the total commitment to quality of service means that Anachron is ideally positioned to increase their market share across Europe. We are very excited to be working with Anachron to increase their footprint in the UK.”
Continued Bashrat Din, “Anachron established the business in 1999 so is a survivor of the dot com meltdown, but not just survived but prospered by accumulating a very impressive set of reference customers. The investments Anachron has made in technology means that they are unique with a total set of solutions for both the Biller-direct model, which is well suited to large accounts and also the Biller-Consolidator model (Ingis) targeting the SME market. This latter solution is as a result of an investment made in Anachron by ING bank so this is an example of the very creative partnerships Anachron is capable of developing.
“From our very first contact with Anachron we have been incredibly impressed with the people at Anachron, and they constantly demonstrate a creative and flexible approach to partnering. They are just great people to be working with and we are delighted with the early results we are achieving” concluded Din.
Source: www.anachron.com
In a survey of the top 50 MT 103 banks, Swift found that 28 of the 29 banks that responded already offer or plan to offer B2B e-invoicing services.
In the corporate market, banks see potential for generating additional revenue by integrating e-invoicing with existing cash management, supply chain and financing services.
However, in the absence of widely accepted standards. many see their projects as long-range efforts, with an average estimated five year payback in terms of return on investment.
Swift says its potential involvement in the market was welcomed by approximately three-quarters of the banks surveyed.
The Euro Banking Association and an EU Commission Expert group are currently researching the market for e-invoicing and the potential for wider banking industry involvement.
Swift says it will await the findings of both these efforts before setting up its own Ad Hoc advisory group. This would seek to set out and test a business case for an interoperable e-invoicing platform, and identify the key functionality and the role of Swift and other parties in the provision of this capability.
Source: www.finextra.com
Last week, Adobe presented its intelligent PDF eInvoicing solution in a white paper. Adobe proposes an end-to-end approach in which the e-invoice is interpretable by both humans and computer systems. The Adobe approach is based on the eInvoicing processes as described by the CEN/ISSS Workshop on Compliance of e-Invoices and is expected to be compliant with EU and respective national VAT regulations.
The importance of the CEN/ISSS Workshop deliverables
The Adobe whitepaper shows once again the importance of the deliverables of the CEN/ISSS Workshop deliverables. At this point the Workshop is in its second phase, having delivered at least one groundbreaking deliverable: the Draft Good Practice Guidelines. These guidelines are available here, here and soon on www.cenfiscalesguidelines.com Some groups with other interests on e-invoicing do not quite agree with these Guidelines. But we arguably can not ignore the fact that this is a serious attempt to remove one of the major barriers on e-invoicing: uncertainty on e-invoicing.
Intelligent PDF: removing barriers?
The intelligent PDF approach presented by Adobe could also serve as a mean to remove a barrier to e-invoicing: adoption in a B2B environment.
E-invoicing is acknowledged to be an unstoppable innovation across and outside Europe. Taking a leap in the future, full scale e-invoicing would mean that the vast majority of organisation is not only sending e-invoices, but also –and this very important– receiving e-invoicing.
One of the results from a major survey conducted by e-business watch showed that most of the companies prefer to receive e-invoices per e-mail in PDF. This is not the answer that some of the BSP would like to hear. But it clearly shows that receivers are in need of control over the inbound e-invoice.
The intelligent PDF approach of Adobe does just that. It combines the humanly interpretable PDF with a for computer systems readable XML format. So now we can receive and read the PDF invoice and having established the perception of control over the e-invoice, we can now extract and import the XML data into our financial software.
This enables e-invoicing between business partners regardless of size, sector, business processes and accounting software. If in fact the intelligent PDF approach guarantees compliance with the respective national VAT legislation, it would also be usable in cross border e-invoicing.
Intelligence in authenticity and integrity?
Interestingly enough, the Adobe intelligent PDF whitepaper mentions the possibility to sign the PDF document. So the PDF document is the format that is being used for formal validation. The invoice’s XML data can be submitted for material validation against external documentation such as supplier contracts. E-invoices archived in PDF/A guarantee the fidelity of the invoice, while the use of XML ensures that invoice data can be transformed to any format required by auditing software.
Maybe it is also interesting to use the XML data for formal validation. This would implicate that not only the PDF document is signed, but also the XML file, for instance with XADES or XMLDSIG. Then, the XML feed can also be used for formal validation even when archived. Additionally it would be very interesting for SME’s to use the PDF document for material validation.
So, the Adobe intelligent PDF is more intelligent compared to the plain old PDF docyument. We can expect it to have an impact on removing the barrier of awareness, including the aspect of adoption by have the perception of being in control. And maybe the approach can be made even more intelligent by incorporating XML signing. This would be very interesting because then it would not matter which document is being used for formal validation: PDF or XML, or both. Creating ease of use (which will be explained in the next Featured Article).
Read the Adobe white paper here:
OB10, the global e-Invoicing network, has been awarded an internationally recognised Green Apple Award for its environmental best practice for the second year running. OB10’s global e-Invoicing solution helps companies of all sizes to eradicate vast amounts of paper each year by eliminating the need for paper invoices. The OB10 e-Invoicing network helps to simplify and streamline the invoice-to-pay process by extracting invoice data from a supplier’s billing system and sending it to their customer’s accounting system – eliminating the need to print, mail, process, manually key-in, store and then finally dispose of paper invoices.
To make the whole invoice process completely paperless, OB10 also archives invoices electronically, providing access for both suppliers and buyers via the OB10 Portal. Conducting the invoicing process in this way saves vast amounts of paper (as well as postage, logistics, transportation, etc. for delivering invoices) and helps the finance function to become more environmentally compliant.
The award is run by the Green Organisation, an independent non-profit, non-political group supported by the Environment Agency and the Chartered Institute of Environmental Health. Green Apple Awards are presented to Companies that have recognised the benefits that can be gained from environmental best practice, and also realise the business benefits of being green. Jamie Gunn, CEO, OB10, commented, “We are delighted to receive this Green Apple award for the second year running from the Green Organisation. It’s great news that the environmental benefits of e-Invoicing are being recognised. Businesses need to be fully aware of the damaging consequences of paper invoices. It is not only the cost and efficiency savings that can be made, but with the amount of paper invoices in circulation, in Europe alone – that equates to 763 housand tons of paper or almost 13 million trees, not including the fuel and landfill space that is also saved.”
In the past year alone, OB10 has electronically processed more than four million transactions on behalf of its global customer base, the equivalent of 85 tons. Using standard industry calculations1, that saving represents 1,443 trees which have been spared, as well as enough fuel to run 100 cars for over 1,000 miles, fuel a home for 42 years and 208 cubic metres of landfill space. With OB10’s year-on-year global growth, and the increasing acceptance of electronic invoicing, the environmental savings are set to increase even further. To put it into context, the 1,443 trees that OB10 saved last year could have absorbed up to 231,485 kilograms of Co2 in just one year, and released enough oxygen back into the atmosphere to support a staggering 2,886 human beings.
About OB10
OB10 is the leading global B2B e-Invoicing network. OB10 simplifies and streamlines the complex invoice-to-pay processes. Neither client organisations nor their suppliers are required to implement any hardware or software, and OB10 is independent of data file formats. OB10 can reduce the cost of paper invoice processing by typically 60 percent and can deliver an ROI in less thana year if the programme follows OB10’s best practice guidelines. Operational across Europe, North America and Asia, OB10 is compliant with the requirements of VAT, tax and e-Invoicing legislation and receives invoices from suppliers in over 100 countries. To ensure unrivalled and rapid supplier enrolment, each new customer’s suppliers are supported by an implementation services team responsible for getting them up and running on the OB10 network. Customers include: Agilent Technologies, Barclays, BP, Cargill, DHL, DSG International, Eli Lilly & Company, Fisher Scientific, General Motors, GlaxoSmithKline, Hewlett Packard, IBM, Kellogg’s, Logica, Lufthansa, Mohawk Industries, Norwich Union, SaraLee, Shaw Industries and Steria.
Source: www.OB10.com
ING has increased its existing share in e-billing specialist Billington from 50 to 100 percent. This means that ING (ING Bank NV) fully owns Billington, which was established as a joint venture between ING and Getronics at the end of 2006. The acquisition of Getronics by KPN created the opportunity for ING to fully acquire Billington.
Billington’s activities from now on belong to the responsibility of ING Wholesale Banking. illington offers support for the full breadth of electronic invoicing for the business (B2B) and consumer (B2C) range. The main services of Billington are the Digital Note to B2C invoicing and INGIS and custom solutions for B2B invoicing. The Digital Note is an electronic invoice directly received by consumers in their own internet banking environment. INGIS is an e-invoicing portal, a platform for business users on which suppliers can place bills, which can be seen by the customer in a closed environment.
Robert Heisterborg, Global Head Payments and Cash Management at ING Wholesale Banking: “The full takeover of Billington endorses the view of ING Bank on commercial payment systems: digital billing and payments are the future. Within five years the majority of the companies are billing digitally, resulting in cost savings, higher efficiency and faster payments. With Billington, ING is even better positioned to obtain a large piece of that market growth in order to broaden and strengthen their role in the overall financial chain.”
Job van Luyken, Managing Director of Billington: “Since its creation in the end of 2006, Billington has achieved a great deal. In a short time, we have become a party in which organisations such as (care) insurance companies, municipalities and businesses have shown their confidence in. They have hired us to take care of a very crucial part of the order-to-cash process: the sending and validation of a digital invoice. This partly is a result of the good cooperation between ING Bank and Getronics, which has created a strong foundation.”
The sale of Billington shares to ING completely suits the Getronics business strategy announced in the beginning of this year. This strategy is characterized by focus. The ICT service provider now concentrates entirely on workplace services, data & hosting services and consulting services in the wholesale market.
Source: www.billington.nl
TIE Holding N.V. (“TIE”) hereby announces that it has entered into a tentative agreement to acquire MamboFive B.V., an e-Business software company based in The Netherlands. The transaction completes TIE’s portfolio of the TIE Kinetix e-Business products and solutions and creates further business development opportunities for up-selling TIE Kinetix to the expanded customer base.
This acquisition fits well into TIE’s strategy of acquiring businesses that strengthen TIE’s bottom line, whilst providing expansion of the product and service potential. The acquisition is expected to contribute to TIE’s revenue and profitability.
Following the completion of the financial, technical en legal due diligence, and the agreement for the purchase of 51% of the shares, TIE shall pay a purchase price amounting to EUR 200,000. The purchase price for the first 51% of the shares also contains a short term 5% annual interest bearing loan amounting to EUR 300,000. On March 1, 2009, TIE requires to pay the loan and interest to the shareholders of MamboFive.
Regarding an additional 24,5% of the shares, TIE receives an option to buy them per April 1, 2009 for a purchase price of EUR 450,000. In order to acquire the final 24,5% of the shares, TIE receives an option to buy them for a purchase price of EUR 450,000. In case TIE determines to exercise the options, TIE will issue convertible bonds amounting to the purchase price. Each convertible bond has a notional term of five years and a lock-up amounting to 1 year. The convertible bonds are non-interest bearing and the conversion rate of each bond will be based upon the average closing rate of the last 4 days prior to the closing date or exercise date as well as the closing date or exercise date, always with a minimum of EUR 0.10.
The total purchase price for the acquisition of all shares of MamboFive therefore amounts to EUR 1.4m. The company has decided to split the transaction in order to anticipate on the current circumstances in the financial markets, and therefore provides itself with multiple decision moments to evaluate the financial market status at that moment. TIE expects to finalize the agreement after the publication of the annual results, which is planned on November 26, 2008.
With the addition of MamboFive, TIE will be able to deliver its customers a complete state-of-the-art TIE Kinetix e-Business solution, including a web shop. Our customers can now connect and integrate with their trading partners in the supply chain in every possible way, whether it’s the support of online orientation for their customers, online selling or online fullfillment. Therefore they can keep their business virtual as long as possible and save valuable time and money and even grow their revenue.
TIE will also be able to deliver its Business-to-Business integration know-how and solutions to the customers of MamboFive, who are predominantly in the telecom industry. Customers of MamboFive are KPN, HI, Debitel, AH Mobiel, Vodafone and e-tailers such as Elders Websales and Slimshops.
“Combining with TIE provides a significant opportunity to further accelerate our combined business”, said Frank van Doorn, Director of MamboFive. “We have been looking for possibilities to provide our clients additional services and complete solutions. We are very pleased to be able to integrate our MamboFive solutions in the TIE Kinetix platform. This will enable us to realize substantial growth in new markets and to extend the business with our existing clients”.
“Web shops and e-business solutions are the final step in our vision of offering a full range of e-business solutions to our customers”, says Jan Sundelin, CEO of TIE. “MamboFive delivers a full multi-channel concept, including shop-in-shop. With the acquisition of MamboFive we have a very powerful solution for our clients in doing their business online via a web shop.”
About MamboFive
MamboFive delivers and implements e-business solutions based on her standard MamboFive Commerce Suite (MCS), which is suitable for B2B and B2C solutions.
MCS is a fully ‘Web Enabled ERP’ for the internet entrepreneur. New technologies such as e-procurement, web shops, catalogue management and web services can be implemented upon the existing investments in financial and logistic systems.
The company was established in 2000 and is headquartered in Utrecht, in the center of the Netherlands. It developed the MamboFive Commerce Suite especially for midsize and large enterprises who can implement the software package quickly without high investments. MamboFive’s main focus is the high end corporate retail segment. The client reference list comprises strong corporate brands as KPN, HI, Debitel, Vodafone, Fujitsu-Siemens, SimYo Belgium, Simac ICT and Elders Websales (GSM.nl).
MamboFive also has a strong position in the mid segment with runner up companies and niche players who require state-of-art solutions for their e-businesses.
Profile TIE
Master Data Management Software Company TIE (NYSE Euronext: TIE Holding) bridges the gap between online and traditional business. TIE helps industry and supply chain partners to achieve electronic business collaboration with solutions in the traditional and upcoming markets like Data Quality Management, e-Invoicing, Master Data Management and Digital Channel Communications. Our solutions are proven to lower costs, increase revenue and optimize business processes. Because we have decades of experience to share, TIE remains a key contributor to the development and implementation of global eCommerce standards. TIE is a publicly held company with offices in the United States, France, and the Netherlands.
MasterCard Worldwide today announced that it has integrated the MasterCard Payment Gateway with iPayables’ electronic invoice delivery capabilities to provide expanded payment solutions to corporations and financial institutions.
The combined offering provides a complete procure-to-pay solution that supports settlement using a MasterCard payment card account or electronic funds transfer (EFT).
Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading provider of global air cargo assets and services, is the first company to utilize the integrated capabilities of the MasterCard Payment Gateway and iPayables.
“We manage and operate the world’s largest fleet of 747 freighter aircraft, providing a unique value proposition to our customers through highly reliable, cost-efficient assets and operating services,” said Joseph Lopez, Sr. Manager, Indirect Procurement for Atlas Air. “Similarly, the MasterCard Payment Gateway is a highly reliable, cost-efficient service that will streamline the process for paying our suppliers, saving time and money for us and our vendors.”
First introduced in October 2007, the MasterCard Payment Gateway is a flexible enterprise-wide payment processing platform for routing commercial payments between buyers, suppliers and their financial institutions. iPayables is the first non-bank reseller whose functionality is coupled with the MasterCard Payment Gateway, creating an end-to-end solution that offers companies a more streamlined, faster and secure way to make payments.
“The combination of iPayables’ electronic invoicing capabilities with the MasterCard Payment Gateway provides Atlas Air with one efficient and secure B2B payments solution,” said Shari Krikorian, vice president, Advanced Payments, MasterCard Worldwide. “By managing multiple payment types, the MasterCard Payment Gateway is simplifying the historically inefficient, check-dominated process of payment, and solving corporations’ growing demand for straight-through processing.”
Using the MasterCard Payment Gateway, a buyer can initiate payment card and EFT payments directly from its financial system to the banks of its suppliers. Remittance data is provided to both the buyer and supplier to speed up reconciliation processes. No account information is shared between the buyer and supplier, and the supplier does not need to use a point of sale device to originate payment.
“The MasterCard Payment Gateway expands our electronic invoicing capabilities and enables us to provide our customers with a complete payables solution that delivers increased efficiencies for all of their commercial payments needs,” said Ken Virgin, CEO, iPayables.
The modular nature of the MasterCard Payment Gateway also provides financial institutions with an enterprise-wide electronic solution that they can re-brand and make available to their corporate customers, or integrate into their current product offerings to enhance their functionality and efficiency. This can enable them to increase payment volumes without building infrastructure, potentially grow profits with additional fees, deepen customer relationships and differentiate from the competition.
Suppliers that process payments with the MasterCard Payment Gateway enjoy automated payments with straight-through processing, decreased paper check processing costs, automated reconciliation via enhanced remittance information for common payment types and preference among buyers that pay electronically.
Buyers that rely on the MasterCard Payment Gateway can drive efficiencies by streamlining their payment options, integrating with existing accounts payable processes and can potentially save money by enabling one connection. Through this method/gateway, buyers can have one streamlined total payables solution that can help them increase productivity, enhance security and increase profits.
Source: Sibos Online
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