OpenText and Mastercard partner dominate financial processes market
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OpenText has partnered with Mastercard with the aim of transforming financial processes across global supply chains, starting in the automotive industry.
OpenText specialises in Enterprise Information Management (EIM) while Mastercard has business in the global payments industry.
In addition to targeting the automotive industry, more broadly the partnership is intended to further advance digital payments and processes, enabling companies of any size or location, as well as technical ability, to build better trading partner relationships.
To begin with, the two companies will create an integrated OpenText and Mastercard offering, which will provide OpenText Business Network customers the ability to access spot financing through the Mastercard Track B2B global trade enablement platform.
The platform will leverage the OpenText Supplier Portal (formerly Covisint Supplier Portal), the OpenText Identity Portal and the OpenText IoT Platform, integrated with Mastercard Track.
According to a statement, the new solution aims to increase the speed, compliance and security for business information, payments and financing in the automotive supply chain.
It is designed to enable integrated payments and to enhance the management of vendor master data. This leads to suppliers being able to better manage risk for trade finance, increase cash flow for outstanding invoices and secure financial transactions with digital identity services.
Mastercard executive vice president of enterprise partnerships Claire Thompson says, “Digitising 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.”
“We are excited OpenText is partnering with Mastercard to integrate our digital platforms together to allow companies to quickly identify and vet business relationships and make the end-to-end payments process even simpler.”
OpenText CEO and CTO Mark J. Barrenechea says, “High performance supply chains build agility and flexibility into production and fulfilment. This calls for the digitisation of processes across the network.”
“OpenText is pleased to partner with Mastercard to help automotive enterprises transform finance related information flows, eliminate friction in the trading process and conduct mutually beneficial transactions with the right suppliers at the right time to meet and exceed production goals,” he says.
OpenText and Mastercard will provide a single user interface which links users to supplier portal functionality and to Mastercard Track, with a permissioned repository of more than 210 million registered entities worldwide.
Buyers and sellers maintain and exchange key information related to their businesses and Mastercard Track provides monitoring on sanctions, credit and other business standards, the company says.
This has been designed for better supplier selection, compliance and risk management while also making the supplier profiles in the OpenText Supplier Portal more up-to-date.
Expanded supplier portal capabilities such as parts and services management and IoT contextual telemetry are also available, designed to help auto companies identify vendors with available parts to fill production gaps.
OpenText Supplier Portal is part of OpenText Business Network. This ensures more robust digital authentication and authorisation services to manage access and business identities for Mastercard Track users, according to the company.