UK-based Invapay, a payment technology company has teamed up with Barclays, an international financial services provider, have launched a new payment service in the UAE.

The new solution ePayment – Purchase and Pay opens up a range of new services to businesses in the region and helps clients overcome challenges arising from managing and paying suppliers, a statement said.

Invapay’s technology enables large organisations to optimise their cash flow and payments more intelligently. Cash and credit management capability can be increased with access to off balance sheet credit on demand. This is achieved by maximising the use of B2B card payments – increasingly known as 16 digit accounts.

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 is look at the supply chain end to end and developed a service that helps all parties involved.”

“The system being deployed in the UAE is currently being used across Europe, Asia and the United States where organisations have experienced its major benefits first hand. Our collaboration with Barclays enables us to extend our global coverage to reach the UAE,” he added.

Rezwan Mirza, managing director, head of Corporate Banking at Barclays for the Middle East, said: “We are glad to support Invapay expand their coverage into the United Arab Emirates. This innovative service supports organisations enhance their process automation while enabling suppliers to accept different types of payments leading to a more efficient payment system.”

Historically, one of the largest barriers to the use of this type of payment has been the inability of suppliers to accept card payments. Invapay’s technology, along with Barclays’ global capabilities, enables corporations to settle with suppliers and fully utilise credit lines. The platform processes payments and pays suppliers via electronic funds transfer, according to the statement.

Through increased supplier acceptance companies can access higher rebates from their banking partners. In addition to the financial benefits, the partnership allows companies to automate their processing and reduce manual handling of payments, the statement added. – TradeArabia News Service