Card issuers fight back against fintech forays into supply chain products
Barclaycard has launched a platform, Barclaycard Payment Intelligence (BPI), which uses data analytics to provide insights related to procurements department and their supply chains. Last year in October, Metro Bank launched ‘Business Insights’, which was an AI-based account insights tool.
The BPI service combines accounts payable data with third party data to give a comprehensive view. Through this, it will assist businesses to correct payment approaches for different suppliers based on their number of transactions, size, location, industry and also suggest whether early payments would generate sayings. According to Barclaycard, this would offer significant time saving as well as cost-saving for key decisions.
“Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money,” said Anna Porra, Commercial Strategy Director for Barclaycard. “This approach not only brings tangible benefits to the bottom line, but it also helps to strengthen relationships between buyers and suppliers”.
In separate news, last month Barclaycard made its payments gateway product, Smartpay, available to SAP customers. It also partnered with FreedomPay to become a new acquiring partner within Europe and the UK.