Source: Payment Eye
Axis Bank has partnered with MasterCard and Vayana Network to launch a digital invoicing and payment solution to simplify B2B payments in India.
B2B payments in India are estimated at over $95 billion annually, and currently involve a number of manual steps, meaning that it takes time and resources to reconcile invoices and their payment. The Invoice to Payment solution will automate the entire process to ensure the timely receipt of payments.
“‘Invoice to Payment’ is a completely automated, digital payment solution for businesses,” said Jairam Sridharan, president of Retail Lending and Payments at Axis Bank. “It offers digital invoicing, electronic workflow approval and instant payment processing and addresses a critical need of all businesses – to view, control and efficiently manage payments to other businesses.”