New Delhi: Axis Bank has tied up with MasterCard and Vanaya Network to provide digital invoicing solutions for B2B payments.
"This solution aims to simplify B2B payments in India, estimated at over USD 95 billion annually. 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," Axis Bank said in a press release Monday.
Presently, such payments are processed physically that involves 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, digitise and automate the entire process - from invoice presentment to final payment, it said.
The solution is expected to provide security, convenience, efficiency to its users, while ensuring timely receipt of payments to suppliers.
The fully integrated solution will give significant financial returns to both buyers and suppliers alike.
Axis Bank President - Retail Lending & Payments, Jairam Sridharan said: "Invoice to Payment is a completely automated, digital payment solution for businesses. It offers digital invoicing, electronic work flow 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."
