India-based private sector lender Axis Bank has teamed up with MasterCard and Vayana Network to provide digital invoicing solution for business payments.
The new ‘Invoice to Payment’- an end-to-end digital invoicing and payment solution aims to simplify, digitise and automate the entire process – from invoice presentment to final payment
The solution is expected to simplify B2B payments in India, estimated at over $95bn per annum. It will provide users with greater convenience, security, control as well as enhanced efficiency in business payments.
In addition, the integrated solution will guarantee timely receipt of payments to suppliers and also provide significant financial returns to both buyers and suppliers.
Axis Bank president retail lending and payments Jairam Sridharan said: "Invoice to Payment offers digital invoicing, electronic workflow 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."