TreviPay, known as the most trusted B2B payments and invoicing network, has partnered with Mastercard, a leader in global payments and technology. Through the deal, TreviPay is introducing its Universal Acceptance solution. This initiative aims to extend supplier access and expedite the implementation of TreviPay’s innovative payments and invoicing technology.
This strategic alliance addresses the primary challenges faced by global business buyers – inefficient processes, incorrect invoicing, and slow onboarding, as highlighted in a study commissioned by TreviPay. By leveraging Mastercard’s commercial card payment capabilities, suppliers accepting Mastercard can now offer trade credit financing and SKU-level invoicing to business buyers through the Universal Acceptance solution.
TreviPay specializes in automating buyer onboarding, financing, and accounts receivable processes. This automation drives payment efficiencies and streamlines time-consuming back-office operations. On the other hand, Mastercard, a global giant in the payment sector, provides extensive commercial card payment capabilities and a worldwide acceptance network, crucial to this partnership.
The partnership signifies an industry milestone, merging TreviPay’s B2B payment methods with Mastercard’s network to offer flexible extended payment terms to more buyers. Suppliers can now provide a net-terms card for purchasing, combining credit card checkout convenience with the auditability of trade credit. The TreviPay platform also ensures direct invoice delivery to buyers, assuming the risks of collection and guaranteeing upfront settlement to merchants.
TreviPay CEO Brandon Spear said, “TreviPay’s technology was developed to eliminate the complexities of B2B purchasing and create a consumer-like purchasing experience while still catering to the needs and requirements of business buyers.
“Joining forces with Mastercard to launch Universal Acceptance marks an industry milestone in expanding access to TreviPay, a leading B2B payment method of corporate sellers and their buyers globally. Together we are revolutionizing how businesses can transact by bringing flexible extended payment terms to more buyers.”
Rebecca Meeker, Senior Vice President, Global Partnerships and Segments, Mastercard, said, “Mastercard is committed to building industry partnerships that help suppliers better meet the purchasing needs of their B2B customers and drive loyalty.
“With a shared vision to bring consumer-grade convenience to B2B transactions, we are proud to deepen our collaboration with TreviPay as they facilitate variable financing options, seamless invoice reconciliation and faster settlement when using cards on our network.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-100x70.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")