Sydney – Citi has launched an Asia Pacific first B2B commercial cards solution, for its client Hanson Australia. The innovative payment system uses a credit card platform to pay suppliers who historically have not accepted credit cards. Using Visa’s card services, with Citi as card issuer, and Invapay’s technology platform, clients can obtain extended payment terms while effecting secure, faster and easier payments to suppliers.
Scott Southall, Head of Treasury and Transaction Services for Citi in Australia and New Zealand, said, “This mandate reflects Citi’s commitment to innovation in digital payments and working capital management. In an environment where top line growth is challenging for some clients, Citi is providing a means for global, regional and local corporations to streamline their payment processes and improve cash flow.”
Sid Vasili, CEO of Invapay, said, “Procurement and finance departments have been forced to manage their operations according to established working practices. What we have done, as one of the original fintech organisations, is look at the supply chain end-to-end and develop a digital service which helps all parties involved.
“Invapay is heavily involved in developing improved ways to do business. We’ve built our platform to offer unique functionality previously unavailable to companies. For example, we enable nonaccepting suppliers to be paid in any location across the world in any currency. This removes the need for suppliers to have a merchant facility.”
The partnership between Citi, Visa and Invapay comes at a time when financial technology is revolutionising the way organisations trade and manage their finances.