MasterCard and Velosant team for B2B payments

MasterCard and Velosant team for B2B payments

MasterCard is to work with eONE Global offshoot Velosant to develop a business-to-business payment solution for the public and private sector.

Under the agreement, the MasterCard Corporate Purchasing Card will be integrated into the BillingZone electronic invoice presentment and payment (EIPP) service of Velosant, a new company launched last week by First Data payments subsidiary eONE Global.

With support from other First Data businesses, this combined solution will electronically close the loop of the entire purchase-to-pay cycle, claim the partners.

Philip Philliou, vice president, e-business and emerging technologies, MasterCard International, says the agreement extends the company's reach along the financial supply chain and creates new opportunities for corporate purchasing card programmes, "opening new purchasing categories and enabling larger ticket transactions".

Bill Walsh, chief executive officer of Velosant, which includes the BillingZone services and platform adds: "Our Fortune 1000 accounts payable customers tell us that they expect up to 30 percent of their B2B invoicing and payment volumes will be processed via corporate purchasing cards."

The partnership has been forged under the aegis of MasterCard's e-P3 programme, which was introduced in April to provide mechanisms for corporate buyers to automatically link electronic purchase orders, invoices and receipt of goods with purchasing card transactions.

Combined with Velosant's accounts payable (A/P) automation expertise, MasterCard says e-P3 promises: a 20 to 40 percent decrease in the total cost to process invoices; optimal discounts due to faster electronic approval processes; improved cash management; and the opportunity to analyse overall spend and procurement trends.

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