Procurement and supply chain AI-driven software provider GEP has announced a partnership with Mastercard to embed its virtual card technology for improved B2B payments. The collaboration seeks to simplify the commercial payment experience within the GEP SOFTWARE platform by leveraging Mastercard’s virtual card tech.

B2B payments and what the GEP – Mastercard partnership entails Per the announcement information, GEP will embed Mastercard’s virtual card platform, which is connected to over 80 banks worldwide, into its procure-to-pay (P2P) ePayables solution to enable medium and large-scale enterprises to manage all B2B spending within the technology platforms they currently use. The integration helps simplify account payables processes for both sides of B2B transactions, reducing long-tail spend problems caused by managing thousands of suppliers and invoices. Through the embedded virtual card experience, GEP clients are to benefit from easier invoice reconciliation, together with improved efficiency and accuracy.

Bettering the ability to facilitate early payments and enhance visibility to improve cash flow provides large and mid-sized clients with multiple key advantages, including: Better cash flow for suppliers; Increased working capital for corporate buyers; Upgraded security and compliance controls; Improved visibility through automated reconciliation. When commenting on the announcement, GEP officials advised that by partnering with Mastercard, the company looks to make B2B payments secure, frictionless, efficient, and timely to improve its clients’ working capital and cash flow, adding that is marks a significant milestone in its journey towards delivering increasingly simple, AI-driven user experiences to the global supply chain. Within this context, Mastercard company representatives said that virtual cards have an important role in digitising transactions between buyers and suppliers.

Per their statement, by collaborating with GEP, Mastercard is embedding its scalable virtual card technology into the platforms that drive commercial transactions in order to simplify and enhance the B2B payment experience. More to this point, GEP selected Mastercard as its partner as it provides the most appropriate, next-generation virtual card to offer GEP clients an improved e-payables solution, advised a GEP spokesperson. The announcement further highlights that the enhancements to the GEP SOFTWARE platform are currently underway and are expected to be made available to GEP clients later in 2023.

More about GEP SOFTWARE GEP SOFTWARE provides AI-powered digital procurement and supply chain platforms that look to assist global enterprises with becoming more agile, resilient, competitive, and profitable. GEP products capitalise on machine learning and cognitive computing, advanced data, and semantic technologies, IoT, mobile and cloud technologies, and are designed to incorporate continuous innovations in tech. Its software integrates quickly and easily with third-party and legacy systems of the likes of SAP, Oracle, and all other major ERP and F&A software.

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