MasterCard and NDB Bank announced their partnership to bring the MasterCard Purchase Control solution to Sri Lanka.
Offering a simple, effective and secure means of controlling spending, reducing operational costs and enforcing compliance with corporate policy, the solution marks a revolutionary change to the manner in which commercial transactions are conducted in Sri Lanka.
Eliminating paper-based purchase orders and invoice processing, MasterCard Purchase Control allows companies to expand their current purchasing card programmes and simplify the accounts payable process. The solution combines an integrated preapproval process with secure virtual account numbers to deliver enhanced global controls and increased transaction security thereby reducing their exposure to fraud and employee misuse. It can be integrated seamlessly into the existing corporate financial infrastructure and customized based on the needs of the organisation.
“In line with our mission of delivering innovative solutions with ‘best in industry’ service excellence, we are excited to offer MasterCard Purchase Control to our clients in partnership with MasterCard,” said NDB Bank Chief Executive Officer Rajendra Theagarajah.
“As Sri Lankan enterprises grow beyond their current horizons, they require payment solutions that do away with traditional systemic roadblocks and facilitate faster turnaround times without compromising on compliance. With Purchase Control they will be able to simplify their business-to-business financial transactions while gaining greater control, security and transparency.”
“We are delighted to partner with NDB Bank to offer MasterCard Purchase Control to the bank’s clients. This is part of our continued efforts to bring more of our world-class, secure payment solutions to Sri Lanka,” said MasterCard Executive Director South Asia Vikas Varma.
“Traditional business-to-business payment mechanisms are known to be slow and cumbersome and the tech solutions that replace them often tend to bring in more complexity into the system resulting in greater delays. Built on the cutting-edge MasterCard In Control platform, Purchase Control allows corporates to manage these transactions with greater agility, compliance, efficiency and security. We look forward to working with NDB Bank to help their clients get the most out of this revolutionary solution.”
The platform’s three core applications – a workflow purchase tool, an accounts payable tool and a payment solution for distributors and resellers – can be configured to deliver efficiency and control across a range of environments. The workflow purchasing tool is a web-based tool that expands a company’s current purchasing card programme to permit purchasing card spend by all employees who need it. The accounts payable (AP) tool simplifies the AP process by leveraging limited-use numbers for vendor and supplier payments, enabling control over the payments process and simplifying reconciliation. The payables tool for distributors and resellers allows a company to fully integrate virtual account number requests for payments into the current procurement processes.