Mastercard partners with Newgen Software for B2B payments venture

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Mastercard and Newgen Software have announced a a partnership to launch a digital payment solution that will facilitate faster and more secure B2B payments.

The joint solution will help 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.

“Global businesses are faced with the challenge of managing an increasingly complex network of suppliers and partners,” said Diwakar Nigam, Managing Director and CEO at Newgen Software. “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.”

The solution is expected to roll out to Newgen’s customers by the end of 2015.

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