GEP, a leading provider of procurement and supply chain AI-driven software, strategy, and services and to Fortune 500 and Global 2000 enterprises worldwide, announced a partnership with Mastercard to simplify the commercial payment experience within its GEP SOFTWARE platform by leveraging Mastercard’s virtual card technology.
GEP will embed Mastercard’s powerful virtual card platform, which is connected with more than 80 banks globally, into its procure-to-pay ePayables solution to enable medium and large-scale enterprises to manage all B2B spending within the technology platforms they already use. This integration simplifies accounts payables processes for both sides of B2B transactions, reducing long-tail spend problems that are caused by managing thousands of suppliers and tens of thousands of invoices.
“By partnering with Mastercard, we’re making B2B payments secure, frictionless, efficient, and timely to improve our clients’ working capital and cash flow, “explained Subhash Makhija, chief executive officer, GEP. “This is a significant milestone in our continuing journey to deliver more seamless, AI-driven user experiences to the global supply chain.”
Commenting on the collaboration, Rebecca Meeker, senior vice president, Global Partnerships and Segments, Mastercard said “Virtual cards have a significant role to play in digitizing transactions between buyers and suppliers. By collaborating with GEP, Mastercard is embedding its scalable virtual card technology into the platforms driving commercial transactions to simplify and enhance the B2B payment experience.”
Through the embedded virtual card experience, GEP clients will benefit from easier reconciliation of invoices, greater efficiency and accuracy . Improving the ability to facilitate early payments and enhance visibility to improve cash flow. Provides large and mid-sized companies clients with key advantages, including:
- Improved cash-flow for suppliers
- Increased working capital for corporate buyers
- Enhanced security and compliance controls
- Better visibility through automated reconciliation
SOURCE : PRNewswire