B2B payment solutions provider Swipe2B has announced that its BatchPay solution has been chosen by construction and engineering conglomerate Doosan-Babcock. The solution will be used to streamline and automate Doosan-Babcock’s accounts payable (AP) and supplier payments processes.
Swipe2B’s BatchPay solution automates workflow and enables early payments via commercial credit card to all suppliers. Doosan-Babcock’s payments are now processed within seconds, with cleared funds credited into their suppliers’ bank accounts within hours. Being a cloud solution, Doosan-Babcock was able to
implement and go live with Swipe2B within 72 hours, from start to finish.
As with most conglomerates, supplier payments are a significant portion of the vendor management process and can consume valuable resources due to manual workflows. Using the solution, Doosan-Babcock is able to better manage its working capital, enjoy extended credit terms and provide its suppliers with liquidity through early payments. Doosan-Babcock is Swipe2B’s first implementation within the engineering and construction sector.
While ubiquitous across the US, parts of Europe and Asia Pacific, paying B2B suppliers by card is a relatively new concept in the Middle East. Swipe2B says that the recent surge in commercial card programmes offered by banks in the region has shone a spotlight on this method of supplier payments available to corporates of all sizes.