Two global leaders have joined forces to help increase financial efficiencies across automotive industry supply chains.
A partnership was forged between OpenText and Mastercard in an effort to bridge the disconnect between companies and global suppliers, Mastercard announced Thursday (July 11) in a press release. The integrated OpenText and Mastercard solution will increase speed, compliance and security for business information, payments and financing in the automotive supply chain.
OpenText, a B2B services provider, and Mastercard, a technology leader in the global payments industry, said the collaboration will advance a connected and scalable digital ecosystem. The two companies will offer a single interface, linking users to supplier portal functionality with a secure, permissioned repository of more than 210 million registered entities worldwide.
“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.
The new system is available to assist businesses of all sizes in any location so they can build trust and security into trading partner relationships. Businesses with little technical capability can take advantage of the new OpenText and Mastercard solution.
The system is designed to facilitate integrated payments and enhance the management of vendor master data. Suppliers will be able to manage risk, accelerate cash flow and secure financial transactions with improved digital identity.
“High performance supply chains build agility and flexibility into production and fulfillment,” said Mark J. Barrenechea, OpenText CEO and CTO. “This calls for the digitization of processes across the network.”
The integrated OpenText and Mastercard offering will also provide OpenText Business Network customers the ability to access spot financing through the Mastercard Track B2B global trade enablement platform. The global connectivity offered by OpenText will provide Mastercard with more robust digital authentication and authorization services to manage access and business identities for Mastercard Track users.
The new solution enables buyers and sellers to maintain and exchange key information related to their businesses and monitor sanctions, credit and other business standards.
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