MasterCard and Newgen have announced a partnership that will assist enterprise customers digitize their Procure-to-Pay and Order-to-Cash processes. The new system will offer seamless payments processing and reduce overall costs.
Powered by MasterCard’s In Control, digital account payments will also come with rich details about transactions, including high level invoice information, like invoice number, amount, tax and line item details. Such an approach ensures efficient and seamless processing of payments, eliminates paper-based bank reconciliation and reduces overall accounts payable and receivable 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.