 "Mahindra Satyam, Oxygen Finance Ally For Accelerated Payment Program")
Mahindra Satyam, a global consulting and IT services provider, has announced that it has partnered with Oxygen Finance to market Oxygen’s cloud-based Accelerated Payment system. This strategic initiative is part of Mahindra Satyam’s drive to build its non linear business and create value add for its customers.
The Oxygen Finance platform guarantees early and reliable payments to suppliers while generating income and other benefits for the buying organisation. A letter of intent signed, positions Mahindra Satyam as a partner to market and operate Oxygen Finance’s Pure Oxygen system for SME suppliers. This cloud-based application will aim to attract public sector bodies and companies in travel, transport, telecoms and financial services sectors.
“We are excited about this partnership with Oxygen which will directly help the hard-pressed SME sector and provide significant opportunities for Mahindra Satyam to extend this value for our existing and new customers”, said Vikram Nair, Head – Europe, Mahindra Satyam.
Mahindra Satyam plans to take the service to its customer base worldwide over the next 12 -24 months, creating an innovative service line. It aims to partner with Chief Procurement Officers and Chief Financial Officers, to deliver benefits to our customers not only from generating savings but also have better control on the whole procure to pay cycle, especially around tail end of their supplier spectrum. This rich source of data will also generate better supplier analytics and enable our customers to consolidate suppliers where appropriate.
David Brown, CEO, Oxygen Finance, said: “We are delighted to enter into this agreement with Mahindra Satyam. Their capability will enable us to provide SMEs the opportunity to receive early payments which in these difficult economic times, we know, they value very highly."
Buyers benefit from tangible savings (a share of rebate fees earned) and increasing ‘outsourcing’ of the management of Accounts Payable services. Suppliers benefit by acceleration of cash payments for their invoices, along with online services for reporting and analysis of cash acceleration. For the SME sector, which is suffering from severe liquidity stress, this product will allow them to effectively accelerate their invoice-to-cash cycle by roughly 3 weeks.