Source: First Post
Axis Bank has partnered with MasterCard and Vayana Network, to launch ‘Invoice to Payment’ — an end-to-end digital invoicing and payment solution. The solution that aims to simplify B2B payments in India, which is estimated at over $95 billion annually.
With this, Axis Bank becomes first bank in India to offer an automated business payments solution.
Processing of these payments today is physical, involves a number of manual steps and corporates spend a lot of time and resources to reconcile invoices and their payments. Invoice to pay is designed to simplify, digitize and automate the entire process – from invoice presentment to final payment.
The fully integrated solution will give significant financial returns to both buyers and suppliers alike, the companies said.
Jairam Sridharan, president – retail lending & payments, Axis Bank, said, “‘Invoice to Payment’ is a completely automated, digital payment solution for businesses. It offers digital invoicing, electronic workflow approval and instant payment processing. This solution will build significant bottom line savings on administrative expenses. This solution addresses a critical need of all businesses – to view, control and efficiently manage payments to other businesses.”