Source: Lets the Banking & Finance
Axis Bank has tied up with MasterCard and Vayana Network to launch digital invoicing solution for B2B payments.
The ‘Invoice to Payment’ will simplify, digitise and automate the entire process – from invoice presentment to final payment.
“This solution aims to simplify B2B payments in India, estimated at over $ 95 billion annually. 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,” Axis Bank said in a press release.
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 work flow approval and instant payment processing. This solution will build significant bottom line savings on administrative expenses.”