MasterCard International has teamed with UK-based Burns e-Commerce Solutions to release a European version of its business-to-business invoicing and payments system for private and public sector firms, MasterCard e-P3.
As part of the deal, the MasterCard Corporate Purchasing Card will be integrated into the Burns' electronic invoicing service, Business Exchange Service (beX), enabling buyers and suppliers to automatically link electronic purchase orders, invoices and receipts with purchasing card transactions.
The solution utilises MasterCard's Global Data Repository to deliver line-item detail through Web-based reporting tools for every transaction – regardless of the supplier, point-of-sale device or acquirer limitations.
Burns says more than 32,000 firms across Europe use its VAT-compliant beX service. Benefits of the MasterCard e-P3 programme will include an expected 20 to 40 per cent decrease in the total cost of processing invoices, improved cash management and the ability to analyse overall spending trends.
Steve Abrams, senior vice president, corporate payment solutions, MasterCard, adds: "By automating important business processes and integrating MasterCard purchasing cards into the proper place in the information and financial supply chain, MasterCard e-P3 will help enhance compliance with recent EU regulatory changes that demand swift access to real-time data, defined internal controls, and overall corporate accountability."
MasterCard e-P3 was first introduced in the US with partners Xign Corporation and Velosant, a wholly-owned subsidiary of First Data's eOne Global.