Axis Bank, Mastercard & Vayana Network Accelerate Business Payments In India

MUMBAI, India - March 11, 2015 - PRLog -- ·         First Bank in India to offer an automated business payments solution – credit, invoicing & payment processing

·         New ‘Invoice to Payment’ supplier payment solution for efficient cash management

Mumbai, India, March 09, 2015 – Axis Bank, India’s third largest private sector bank, today announced their partnership with MasterCard (http://newsroom.mastercard.com/asia-pacific)  & Vayana Network and launched ‘Invoice to Payment’- an end-to-end digital invoicing and payment solution. This solution aims tosimplify B2B payments in India, estimated at over USD 95 Bn 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. Invoice to pay is designed to simplify, digitize and automate the entire process – from invoice presentment to final payment.

Axis Bank is the first bank in India to offer this comprehensive credit solution for business payments, in close partnership with MasterCard and Vayana Network. With this solution Users would experience greater convenience, security, control, and increased efficiency in business payments. For the suppliers it will ensure timely receipt of payments. The fully integrated solution will give significant financial returns to both buyers and suppliers alike

The solution has been shortlisted for the PYMNTS Innovator awards in the best innovation category.

According to Jairam Sridharan, President – Retail Lending & Payments, Axis Bank, “Axis Bank Commercial Card Products go beyond being a lending facility. ‘Invoice to Payment’ is a completely automated, digital payment solution for businesses. It 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.”

Ari Sarker, Country Corporate Officer, India, and Division President, South Asia, MasterCard said, “At MasterCard, we endeavor to provide a simple, safe and secure payment experience to consumers as well as businesses.  In line with the government’s Digital India mandate to encourage greater use of electronic payment transactions, we are proud to partner with Axis Bank and Vayana Network to bring this breakthrough solution to businesses large and small. The use of technology will also improve productivity for corporates, enhance buyer-seller relationships, and facilitate faster flow of funds.”

R N Iyer, Co-founder and Director, Vayana Network added, “We are witnessing substantial improvement in supply chain management through the implementation of our “Invoice to Payment” solution. It solves elegantly and in a scalable manner the reconciliation issues common to all B2B payments. Vayana Network ensures that adopting this solution requires little time and minimal change to existing processes by both, buyers and suppliers.”