“This solution aims to simplify B2B payments in India, estimated at over $95 billion annually. Processing of these payments today is physical, involves a number of manual steps and corporates spend a lot of time and resources to reconcile invoices and their payments. Invoice to pay is designed to simplify, digitize and automate the entire process – from invoice presentment to final payment,” Axis Bank said in a statement.
With this solution, users would experience greater convenience, security, control, and increased efficiency in business payments. For the suppliers it will ensure timely receipt of payments. The fully integrated solution will give significant financial returns to both buyers and suppliers alike, it said.
Jairam Sridharan, President – Retail Lending & Payments, Axis Bank, “Axis Bank Commercial Card Products go beyond being a lending facility. ‘Invoice to Payment’ is a completely automated, digital payment solution for businesses. It offers digital invoicing, electronic workflow approval and instant payment processing. This solution will build significant bottom line savings on administrative expenses. This solution addresses a critical need of all businesses – to view, control and efficiently manage payments to other businesses.”
Ari Sarker, Country Corporate Officer, India, and Division President, South Asia, MasterCard said, “At MasterCard, we endeavour to provide a simple, safe and secure payment experience to consumers as well as businesses. In line with the government’s Digital India mandate to encourage greater use of electronic payment transactions, we are proud to partner with Axis Bank and Vayana Network to bring this breakthrough solution to businesses large and small. The use of technology will also improve productivity for corporates, enhance buyer-seller relationships, and facilitate faster flow of funds.”
Source : Thehindubusinessline