- GEP will leverage Mastercard's virtual card technology to simplify corporate business-to-business payments with increased efficiency, enhanced control, more security and better data.
- Enables GEP clients to improve cash-flow, automate processes, maintain compliance, and optimize costs.
CLARK, N.J., Sept. 13, 2023 /PRNewswire/ -- GEP, a leading provider of procurement and supply chain AI-driven software, strategy, and services and to Fortune 500 and Global 2000 enterprises worldwide, today announced a partnership with Mastercard to simplify the commercial payment experience within its GEP SOFTWARE platform by leveraging Mastercard's virtual card technology.
GEP will embed Mastercard's powerful virtual card platform, which is connected with more than 80 banks globally, into its procure-to-pay (P2P) ePayables solution to enable medium and large-scale enterprises to manage all B2B spending within the technology platforms they already use. This integration simplifies accounts payables processes for both sides of B2B transactions, reducing long-tail spend problems that are caused by managing thousands of suppliers and tens of thousands of invoices.
"By partnering with Mastercard, we're making B2B payments secure, frictionless, efficient, and timely to improve our clients' working capital and cash flow, "explained Subhash Makhija, chief executive officer, GEP. "This is a significant milestone in our continuing journey to deliver more seamless, AI-driven user experiences to the global supply chain."
Commenting on the collaboration, Rebecca Meeker, senior vice president, Global Partnerships and Segments, Mastercard said "Virtual cards have a significant role to play in digitizing transactions between buyers and suppliers. By collaborating with GEP, Mastercard is embedding its scalable virtual card technology into the platforms driving commercial transactions to simplify and enhance the B2B payment experience."
Through the embedded virtual card experience, GEP clients will benefit from easier reconciliation of invoices, greater efficiency and accuracy . Improving the ability to facilitate early payments and enhance visibility to improve cash flow. Provides large and mid-sized companies clients with key advantages, including:
- Improved cash-flow for suppliers
- Increased working capital for corporate buyers
- Enhanced security and compliance controls
- Better visibility through automated reconciliation
"We specifically partnered with Mastercard because they provide the best, next generation virtual card to provide our clients with a superior epayables solution," explained Ken Legge, vice president, Alliances & Partnerships, GEP.
Enhancements to the GEP SOFTWARE platform are underway and will be available to GEP clients late 2023.
About GEP SOFTWARE
GEP SOFTWARE provides AI-powered digital procurement and supply chain platforms that help global enterprises become more agile, resilient, competitive and profitable. With beautifully rendered interfaces and flexible workflows, GEP provides users fresh, intuitive digital workspaces that yield extraordinary levels of user adoption and meaningful gains in team and personal productivity.
GEP products capitalize on machine learning and cognitive computing, advanced data and semantic technologies, IoT, mobile and cloud technologies, and are designed to incorporate continual innovations in technology. GEP's software integrates quickly and easily with third-party and legacy systems, such as SAP, Oracle and all other major ERP and F&A software. And with superb support and service, GEP is an industry leader in customer satisfaction and loyalty.
A leader in multiple Gartner Magic Quadrants, GEP's cloud-native software and digital business platforms consistently win awards and recognition from industry analysts, research firms and media outlets, including Gartner, Forrester, IDC, Procurement Leaders and Spend Matters.
GEP SOFTWARE is part of Clark, NJ-based GEP — the world's leading provider of AI-powered procurement and supply chain strategy, software and managed services. To learn more, visit www.gepsoftware.com.
Media Contact
Derek Creevey
Director, Public Relations
GEP
Phone: +1 732-382-6565
Email: derek.creevey@gep.com
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