With CPS, the provision of virtual accounts and transaction-level authorization controls will enable corporates to define how, where, and when payments are made. The improved control, compliance, and security aims to reduce exposure to fraud or misuse of funds and ensure end-use-monitoring.
Reconciliation and reporting will also be made through one-to-one association with a Purchase Order or billing event. Moreover, the solutions aim to create efficiency by reducing paper-based accounts payable processes.
Furthermore, the virtual accounts will help corporates to accelerate payments to its suppliers. The web-based application enables authorized users to generate virtual accounts for purchase requests without requiring integration with the companys systems.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now