Invapay’s technology enables large and small organisations to manage their cash flow and payments. Visa has launched a new data and invoice management platform in the region and will use Invapay as the payment and reconciliation engine. The solution will enable businesses to overcome the challenges they face in accounts payable and receivables management that typically stem from a lack of process automation.
Visa estimates that Asia Pacific contributes 39% of the global Commercial Consumption Index which equates to USD 46.2 trillion. This is an indication of the commercial payment opportunity in the region. While governments and large corporates, that are significant contributors to global commercial consumption, are transitioning to payments process automation, their suppliers, particularly smaller businesses, may not be set up to receive electronic payments.
Visa and Invapay have started the technology rollout in key Asia Pacific markets. Initial program deployment is planned for Q1 2015. The alliance agreement will cover eleven Asia Pacific countries: Australia, India, New Zealand, Hong Kong, China, Singapore, Thailand, Malaysia, Indonesia, Philippines and Taiwan.
Invapay is a cloud-based payment company which enables organisations optimise their cash management and procurement strategies. They provide a way to manage payments and working capital and are connected to over 800 banks.
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