MasterCard and Newgen Software, a leading global provider of Business Process Management, Enterprise Content Management, and Customer Communication Management solutions, today announced a partnership to launch a digital payment solution that will facilitate faster and more secure B2B payments.
The joint solution from MasterCard and Newgen will help enterprise customers digitize their Procure-to-Pay and Order-to-Cash processes, offering them efficient and seamless payments processing and reducing overall costs. Powered by In Control, MasterCard's solution for greater convenience, security and control, these digital account payments also have rich details about transactions, including both high level invoice information, like invoice number, amount, tax and line item details. Such a solution ensures efficient and seamless processing of payments, eliminates paper-based bank reconciliation, and reduces overall accounts payables and receivables costs.
"Global businesses are faced with the challenge of managing an increasingly complex network of suppliers and partners. Delayed payments and paper-based reconciliation result in supplier dissatisfaction and hamper trade. A key contributor to late payments is the reliance on highly manual, paper-based payments. This results in both reduced financial efficiency and increased working capital needs. The digital payments solution allows us to help our customers ensure an uninterrupted supply of goods and services, thereby enabling more efficient global trade." said Diwakar Nigam, Managing Director and CEO at Newgen Software.
"Our partnership with Newgen will allow many more companies to leverage MasterCard's global payment network and In Control solution to deliver substantial benefits to business enterprises - both buyers and sellers. Digitizing payments and collections will help businesses increase efficiency and reduce process cost in a seamless and secure environment and ultimately, increase cash flow for the business," said Yvette Oh, Group Executive, Market Development, Asia Pacific, Middle East and Africa, MasterCard.
The solution is expected to roll out to Newgen's customers by end 2015.