Visa Inc. has joined with U.S. Bank to create a business-to-business network for management of the global financial supply chain. Syncada will help corporations and governments to process and track invoices, make and receive payments, and have payables or receivables financed through local and global financial institutions. The venture combines Visa's experience in commercial payment services and multi-bank network management with U.S. Bank's PowerTrack, an automated electronic-invoicing, payment-processing and trade-finance network. According to the partners, the service allows financial institutions of all sizes to offer their commercial clients standardized B2B invoice processing, financing and payment services across a variety of payment types and local currencies. Financial institutions can also build a transaction and credit-based treasury-management business by offering the network's services to buyer and supplier clients. Advantages of Syncada, the companies claimed, include lower costs from the elimination of paper processes, reduced billing and payment errors, a more accurate accounting of spending by category, improved management of working capital and global cash needs, and access to financing through a global network of financial institutions, as new bank participants join.
Read Full Article
Enjoy curated articles directly to your inbox.