Global payments technology giant Mastercard announced today that it is partnering with Ontario-based Enterprise Operations Management firm OpenText. The two firms will, according to a press release, collaborate on advancing a connected and scalable digital ecosystem, allowing companies irrespective of size, location or technical capability to build increased trust and security into trading partner relationships.
The new solution from the two companies will reportedly increase the speed, compliance and security for business information, payments and financing in the automotive supply chain.
Designed to facilitate integrated payments and to enhance the management of vendor master data, enabling suppliers to better manage risk for trade finance, accelerate cash flow for outstanding invoices and secure financial transactions with enhanced digital identity, the solution is intended to drive dramatic efficiencies in across end to end procure-to-pay networks.
"Digitizing and simplifying supply chain related finance processes can ease global trading operations across industries and unlock opportunities for suppliers at every level to do business with enterprise buyers more efficiently," said Claire Thompson, Executive Vice President of Enterprise Partnerships at Mastercard. "We are excited OpenText is partnering with Mastercard to integrate our digital platforms together to allow companies to quickly identify and vet business relationships and make the end-to-end payments process even simpler."
"High performance supply chains build agility and flexibility into production and fulfillment," said Mark J. Barrenechea, OpenText CEO & CTO. "This calls for the digitization of processes across the network. OpenText is pleased to partner with Mastercard to help automotive enterprises transform finance related information flows, eliminate friction in the trading process and conduct mutually beneficial transactions with the right suppliers at the right time to meet and exceed production goals."