Axis Bank launches digital payment solution for business 'Invoice to Payment’

With this, Axis Bank becomes first bank in India to offer an automated business payments solution.

FP Staff March 09, 2015 17:31:47 IST
Axis Bank launches digital payment solution for business 'Invoice to Payment’

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.

Axis Bank launches digital payment solution for business Invoice to Payment

PTI

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.”

 

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Flipkart launches credit card in partnership with Axis Bank, Mastercard; offers unlimited cashback
Business

Flipkart launches credit card in partnership with Axis Bank, Mastercard; offers unlimited cashback

The Flipkart-Axis Bank credit card will fetch users 5 percent cashback on all transactions on co-branded merchants

Mastercard commits $1-bn investment in India in next 5 years; plans to develop country as global tech node
Business

Mastercard commits $1-bn investment in India in next 5 years; plans to develop country as global tech node

This investment will help foster innovation and increase Mastercard's speed-to-market capabilities and value-added services.

'India among top nations with potential for digital payments': Digital Evolution Index 2017
Business

'India among top nations with potential for digital payments': Digital Evolution Index 2017

The Index is a comprehensive research that tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions