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.
“Swipe2B has provided us with an alternative financing option, where we can pay our suppliers early and benefit from a generous extended credit period at the same time,” said Jane Sutherland, finance director for Doosan MENA. “Moving from bank transfers to automated card payments has transformed our AP department.”
“The traditional tug-of-war between a buyer’s need for extended credit and suppliers requiring payment as early as possible needn’t be a conundrum anymore,” said Amer Qavi, founder and CEO of Swipe2B’s parent company, SwipeZoom. “By moving supplier payments onto a commercial credit card, Swipe2B provides a win-win solution for both buyers and suppliers.”
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