NBD Bank and MasterCard and NDB Bank have inked a partnership to bring the MasterCard Purchase Control solution to Sri Lanka. Offering a simple, effective and secure means of controlling spending, reducing operational costs, and enforcing compliance with corporate policy, the solution marks a revolutionary change to the manner in which commercial transactions are conducted in Sri Lanka.
Eliminating paper-based purchase orders and invoice processing, MasterCard Purchase Control allows companies to expand their current purchasing card programs and simplify the accounts payable process.
The solution combines an integrated preapproval process with secure virtual account numbers to deliver enhanced global controls and increased transaction security thereby reducing their exposure to fraud and employee misuse. It can be integrated seamlessly into the existing corporate financial infrastructure and customized based on the needs of the organization.
The platform’s three core applications – a workflow purchase tool, an accounts payable tool, and a payment solution for distributors and resellers – can be configured to deliver efficiency and control across a range of environments. The workflow purchasing tool is a web-based tool that expand a company’s current purchasing card program to permit purchasing card spend by all employees who need it. The accounts payable (AP) tool simplifies the AP process by leveraging limited-use numbers for vendor and supplier payments, enabling control over the payments process, and simplifying reconciliation. The payables tool for distributors and resellers allows a company to fully integrate virtual account number requests for payments into current procurement processes.
For data, background and forecasts on MasterCard Purchase Control: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).