Barclaycard launches new service Barclaycard Payment Intelligence that taps into data to help businesses of all sizes better understand and nurture their supply chains.
The service combines hundreds of accounts payable data points with internal and third-party data. This helps customers develop the right payment solutions for their various suppliers in a fraction of the time it would take to do manually.
The idea is that Barclaycard Payment Intelligence will empower businesses to better catalogue their suppliers based on the number and value of transactions as well as their size, location, industry and whether early payment is likely to generate savings.
Essentially, it creates a comprehensive overview of the entire supplier framework. For companies with thousands of suppliers – big and small – on their books, the new product can offer a significant time and cost saving for key decision makers.
“Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money,” said Anna Porra, commercial strategy director for Barclaycard.
“Barclaycard has looked to make use payments data to identify opportunities for improvements across the procure to pay process and drive actionable insights for both buyers and suppliers. Barclaycard Payment Intelligence is a new suite of tools that harness state-of-the-art data analytics and financial modelling to devise tailored, actionable solutions for our customers.
“This approach not only brings tangible benefits to the bottom line, but it also helps to strengthen relationships between buyers and suppliers. As we navigate our way through this difficult period, safeguarding supply chains is a key way of future-proofing operations, and it’s part of Barclaycard’s mission to help businesses realise these benefits.”
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