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E-invoicing, SCF & E-procurement

OpenText, Mastercard team up to streamline supply chain finance

Friday 12 July 2019 | 11:18 AM CET

Canada-based enterprise information management company OpenText has teamed with Mastercard to increase financial efficiencies across global supply chains.

The partnership plans to debut within the automotive industry. The new solution from OpenText and Mastercard aims to increase the speed, compliance and security for business information, payments and financing in the automotive supply chain. It is designed to facilitate integrated payments and to enhance the management of vendor master data, enabling suppliers to better manage risk for trade finance, accelerate cash flow for outstanding invoices and secure financial transactions with enhanced digital identity.

The integrated OpenText and Mastercard offering will also provide OpenText Business Network customers the ability to access spot financing through the Mastercard Track B2B global trade enablement platform. It will leverage the OpenText Supplier Portal (formerly Covisint Supplier Portal), the OpenText Identity Portal and the OpenText IoT Platform, integrated with Mastercard's financial partners.

OpenText and Mastercard will provide a single user interface which links users to supplier portal functionality and to Mastercard Track, with a permissioned repository of 210 million registered entities worldwide. Buyers and sellers maintain and exchange key information related to their businesses and Mastercard Track provides monitoring on sanctions, credit and other business standards. This eases supplier selection, compliance and risk management; enhancing the supplier profiles in the OpenText Supplier Portal.

More: Link
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