Sri Lanka may not be the most robust economy on the globe, but MasterCard has launched a new venture that will look to boost the nation’s economy through more sophisticated B2B payments.
Reports on Wednesday (Oct. 14) said the credit card conglomerate has teamed with Sri Lanka’s NDB Bank to offer paperless, secure payment services for corporations. Together, the businesses are launching Purchase Control to simplify payments and provide businesses with a digital insight into their spending practices.
[bctt tweet=”MasterCard has teamed with Sri Lanka’s NDB Bank to offer paperless B2B payments”]
In a statement, NDB Bank Chief Executive Rajendra Theagarajah said the venture is key to helping Sri Lanka’s economy strengthen.
“As Sri Lankan enterprises grow beyond their current horizons, they require payment solutions that do away with traditional systemic roadblocks and facilitate faster turnaround times without compromising on compliance,” the executive said, adding that Purchase Control will help “to simplify their business-to-business financial transactions while gaining greater control, security and transparency.”
According to reports, Purchase Control will provide purchase order and invoice processing, and allow pre-approval for payments made with cards and virtual cards. The solution will also provide limited-use card numbers for accounts payable officials to pay vendors and suppliers – a solution that the companies said provides “control over the payments process, and simplifying reconciliation.”
In their announcement, NDB Bank and MasterCard also said that the services will help businesses phase out paper-based payments and invoice processes, and provide a way for companies to expand use of their purchasing card programs. The tool can be integrated into existing corporate ERPs and other financial systems.
The heightened visibility of electronic AP systems and digital card information can also protect against fraud and employee misuse of corporate funds, the firms added.
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