Visa Inc. (Visa) is a global payments technology company that provides transaction-processing services (primarily authorization, clearing and settlement) to its financial institution and merchant clients through its global processing platform. Visa connects consumers, businesses, banks and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and checks. In Asia, Visa established its first innovation centre in Singapore during 2016, designed for digital payment solutions collaboration and customer-centric innovation for the Asia region.
Today, e-invoicing between suppliers and buyers is common in many business transactions. There are many e-invoicing platforms available to corporates globally which support creation, exchange and processing of requests for payments between suppliers and buyers using a structured digital format. Paper invoice has been evolved to e-Invoice. However, it is not translated into digitalisation of further process for payment.
Further payment has been digitised by service providers offering efficiency and convenience. But the act of payment between corporates is often still manual. Corporates in the Asia Pacific region have issues with collection - after invoice generation, it can take them an average of 57 days to receive payments. 94.4% of corporates in the region face challenges with cross border transactions.
The challenge is how to ensure proliferation of the use of digital payments for B2B transactions within the industry (which are still at a nascent stage) and provide an opportunity for the underserved to use digital payment tools.
Visa Inc. are looking for:
A Proof-of-Concept (POC) solution that is able to reduce the turnaround time for payment between different businesses with the following functions:
- An intuitive user-friendly portal able to integrate both billing and payment processes.
- A smart system that is able to verify billing documents against other business records before making payments.
- Built in algorithms to remind and notify users of any upcoming payments which are due.
- An interoperable and agnostic, plug-and-play solution that allows easy integration with other existing platforms to facilitate a smooth process from procurement to cash flow management to payment.
- Embed capabilities to detect fraud on invoices, remove friction in 3-way matching and approval, and ensure authenticity of bank account, i.e. to validate that it belongs to business or company rather than employee.
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For complete details on the eligibility criteria that govern 'Seamless Digital Payment Across Corporates' please refer to the website.
Terms and Conditions
For complete details on the terms and conditions that govern 'Seamless Digital Payment Across Corporates' please refer to the website.